Carreras declared a special capital cash distribution of $1.34 per stock unit to be paid on July 31, 2014 to stockholders on July 18, 2014. Ex-dividend date July 16, 2014. The funds out of which the payment is being made come from proceeds received from the liquidation of a subsidiary, pending the granting of a transfer tax exemption pursuant to the Transfer Tax Act the company said in a release to the Jamaica Stock Exchange. The special capital cash distribution will brings the total payments the company made to shareholders since August last year to $8.89.
A special capital cash distribution of $1.18 was paid in January this year, the company also paid an interim dividend of $1.75 per stock unit on June 26, $1.62 per share. On March 13 they paid a dollar per share as well as in August and November last year.
New Transport paid| New Transport paid $6.90 per share capital dividend on the June 30 to its shareholders. New transport was the company formed after Lascelles’ shares were sold to Campari in 2012. The company was formed to hold the assets that were not sold at the time with previous Lascelles’ shareholders getting shares in the company in proportion to what they held before. The company also received some distributions from Campari based on the agreement that was struck. It’s unclear if this latest payment comes from sale of the assets taken over by the company or from Lascelles.
Carreras declared $1.34 capital dividend
More money for Carreras’ shareholders
More money is heading the way of the Shareholders of Carreras as the company gets ready to make another capital distribution. Carreras on Friday last, informed the Jamaica Stock Exchange that the directors of will consider an interim special capital cash distribution at a meeting to be held on July 3, 2014.
A special capital cash distribution of $1.18 was last paid on January 30, this year.
The company also recently paid an interim dividend of $1.75 per stock unit on June 26, $1.62 per share. On March 13 they paid a dollar per share as well as in August and November last year.
Dividend at Kingston Wharves
Kingston Wharves approved the an interim dividend of 10 cents per stock unit payable on July 30, 2014, to shareholders on record at July 16 and the ex dividend date is July 14.
The company paid an interim dividend of 8 cents per share payable on December 20, last year. The company also paid a final dividend of 2 cents per share in respect of the financial year ended December 2012 and an interim dividend of 8 cents per share in respect of the 2013, on March 28 last year.
Dividend tracking
Jamaica Public Service declared quarterly preference share dividends payable on April 1, 2014 to shareholders on record as at March 14, 2014 on the 5% C shares $0.025; the 5% D shares $0.025; 6% E share $0.030; 7% B share $0.035. The ex-dividend date is March 12, 2014.
Carreras pays out liquidation money
Carreras declared a special interim capital cash distribution of $1.18 per stock unit to be paid out of proceeds received from the liquidation of a subsidiary, pending the granting of a transfer tax exemption pursuant to the Transfer Tax Act.
The special capital cash distribution will be paid on January 30, 2014 to shareholders on record as at January 17, 2014. The ex-dividend date is January 15, 2014.
Carreras liquidated its subsidiary Cigarettes Company of Jamaica but was slapped with an unwarranted tax assessment in the mid 2000’s. The case was appealed up to the Privy Council and the company won, thus permitting it to be entitled to recover nearly $3 billion in taxes wrongfully paid along with interest and legal fees.
The company started to recover the amount in 2013 and should in all likelihood recover all of it before the end of 2014.
Related posts | Carreras down but not out | Carreras takes a big hit but tax recovery starts
First Citizens paying 12% dividend
Trinidad’s First Citizens Bank has declared a $1.09 per share final dividend that will be paid January 24, 2014 to shareholders on record as of December 31, 2013, the Ex-dividend Date is December 27.
The dividend is equivalent to a 12 percent rate of return on the initial IPO price of $22 per shares in August. That adds to the return of 78 percent on the stock price for those persons who were able to get shares at the IPO price and hold them till the XD date. The dividend policy of the First Citizens Bank is to distribute to its ordinary shareholders funds surplus to the operating capital and strategic requirements of the Group, as determined by the Directors, with an annual target dividend pay-out percentage range of 45 to 55 percent of net profit after-tax. The 2013 dividends translates to around $273 million versus $263 million paid for 2012.
The bank reported profits of $742 million before tax and $606.5 million after tax compared to 2012 pre-tax profit of $714 million and $446 million after tax but the big increase after tax is due to tax adjustment in 2012 that depressed the aftertax profit.
In the prospectus, management in commenting on a large jump in tax liability indicated, “In 2012, the Group recorded a taxation charge for the year of $267.8 million. This was due to management re-assessing its tax strategy in relation to the pursuit of tax benefits to be derived from derivative instruments. This change in strategy, which was done after careful evaluation of all relevant factors and in consultation with its tax advisors but prior to the filing of its 2011 corporation tax return, resulted in a difference between the tax liability as per the tax return for 2011 and the estimate of the tax provision recognised in the financial statements for the year ended September 30, 2011, as well as changes to the deferred income tax estimates. This change in estimate, amounting to an additional one-off tax charge of $128.3 million in 2012, was recognised in the income statement in 2012”.
The stock has been moved back into the IC Insider Buy Rated List with earnings per share of $2.45 and a target price of $55-60 in 2014.
Related posts | TTSE: First Citizens profit pushes price to new high | T&T Citizens Bank IPO oversubscribed | First Citizens shares set to explode
NCB cuts dividend 75%
National Commercial Bank (NCB) reported bad news for investors on two fronts on Thursday when it released its full year results to September.
Not only was profit down, which was expected as a result of the write down of investment emanating from the NDX debt swap earlier in the year, but the final quarter results fell well below what was expected, from 92 cents in the June quarter and $1.10 in September 2012, to just 71 cents in the last quarter. The banking group chopped the final dividend payment for the year as well from 64 cents last year to just 16 cents. The latest announced dividend will be paid on December 12. The company’s pay-out ratio is just 18 percent, well below last year’s pay-out ratio of 34 percent and the company’s stated policy.
This year, NCB’s total payment will be 63 cents per share versus $1.40 last year unless they declare another one before year end, which they have done in the past.
In November last year, a dividend of 64 cents was paid compared to 34 cents paid at the same time in 2011. The dividend pay-out ratio for the 2012 financial year to September amounted to 27% and for the 2011 financial year 25.7%, compared to 42.2% for September 2010.
In August, NCB paid a dividend of just 8 cents, on May 24, a dividend of 16 cents per share was paid and 23 cents in March. The August payment represents a decrease from 17 cents paid in 2012 while the May 2013 payment represents a decrease from 21 cents paid in May last year. The March payment compares to 38 cents paid in January 2012.
The cut and carving of dividend payments from one period to the next is in keeping with an unpredictable policy the company has been executing even after repeating a previously announced policy fairly recently. The execution is in stark contrast with a very consistent and predictable policy of Scotia Group and many other companies on the stock exchange.
Related posts | NCB cuts dividend in half | NCB recovers from NDX hit
D&G to pay more
Desnoes & Geddes (DG) declared a first interim dividend for the year 2013-2014 in the amount of $0.20 per share and a special dividend of $0.05 per share payable on December 20, 2013 to shareholders on record as at November 22, 2013. The ex-dividend date is November 20, 2013.
The company reported profit that are up 8 percent for the first quarter to September.
The company paid a dividend relating to the 2013 fiscal year of 10 cents per share on June 25, 2013. In December last year there was an interim payment 20 cents per share.
Related posts | Profit inches up at D&G | D&G will pay 10¢ dividend