LIME keeps $59m in unclaimed dividends
CABLE and Wireless Jamaica, which trades as LIME, has retained $59 million in dividends left unclaimed for 12 years.
In 2009, the company amended its articles of incorporation to declare that all dividends left unclaimed for a year, would be invested or otherwise made use of by the directors until claimed.
It added that dividends unclaimed for 12 years would be forfeited and retained by the company.
In a notice to the Jamaica Stock Exchange (JSE) yesterday, LIME said its board of directors authorised management to “forfeit and retain all dividends which as at March 31, 2012 shall have been declared and unclaimed for 12 years or more”.
That sum tallied $59.2 million.
The telecom added: “Please also be advised that although it may seem counter-intuitive on the face of it, C&WJ will continue to honour all dividend cheques validated by its Registrar, notwithstanding this resolution.”
