Kingsley Cooper Chairman of Pulse
Subsequent to the annual general meeting, the directors pushed through an extraordinary meeting to consider and approved a rights issue. The legitimacy of that meeting is in question. For one the Jamaica Stock Exchange that should have been advised of the proposition a week ahead of the board meeting to consider the rights and the results of the meeting within 48 hours was not done until a few days ahead of the meeting. More importantly, the notice sent to shareholders did not meet the minimum 21 days required by law as the notice was posted around 19 days before the meeting date.
The board at the AGM admitted they were unaware that they could have submitted interim results in the past when the audit of a prior period was incomplete.
Now the company has released its nine months results showing profit of $191.5 million versus $148 million for the nine months of 2015, and $58 million compared to $48 million in the March quarter. The profit includes fair value gains on investment property of $26 million in the quarter and $78 million for the nine months. Revenues came in at $65 million for the quarter versus $57 million in 2015 and for the nine months revenues were 17 percent ahead of 2015 at $216 million.
The company paid a dividend of 6 cents per share in January this year but it is nowhere to be found in the interim statement. It should be shown as a separate line item on the cash flow statement as well as in the statement of changes in equity. Then on the list of directors’ holdings Oliver Holmes who resigned from the board some time ago is still shown in the list as a director but with no shares owned.
