The Government of Anguilla has received a dividend cheque of EC$1,390,045.60 from the Anguilla Electricity Company (ANGLEC), the premier has confirmed.
Speaking at a government press conference on 6 October, Cora Richardson Hodge said the funds were collected from the island’s sole electricity provider on 17 September.
ANGLEC is a publicly traded company in which the government holds the majority of the shares, with the remaining shares owned by private investors and members of the public.
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On 8 July, a notice to shareholders from company secretary Ayana Tyrell was made public, stating that dividends would be declared and distributed this year.
In an interview on Radio Anguilla on 27 August, ANGLEC chair David Carty said it was the first time in 11 years that the company had been able to pay dividends.
“I think that is a remarkable achievement for the company, that it has been able to do so, and it has been able to do so from prudent management, careful [handling] of resources,” he said.
He added that it helps that “we’re not having any fights with this government” despite past disagreements over funding.
Carty explained that decisions on dividends depend on the cash position of the company, that it has enough resources to manage its affairs, and enough reserves to pay its bills comfortably going forward.
“The board was comfortable in making a decision,” he told Radio Anguilla.
Payment process
On confirmation of the dividends, shareholders were asked to review and complete the necessary documentation on the website or via email to ensure the “smooth and timely processing of payments.”
They were given nine days to submit the notarised forms to the ECCB Securities Depository in order to receive their dividends – a share of the company’s earnings – on 31 July.
Several shareholders publicly expressed their concerns about this method of collecting information on the ANGLEC social media page.
“Why are we going through this process?” one asked, while another said: “I have no idea what document I’m suppose to complete and where to find this document.”
Bernd Kubisch, a part-time resident of Anguilla, told Anguilla Focus that ANGLEC used to send the dividend payouts in a cheque to the shareholders’ home addresses.
He suggested that the company should publish a press release with details of an advisory service for shareholders who have questions about how to receive their dividend.
Kubisch also noted that ANGLEC has not made public the dividend payment per share.
Anguilla Focus has contacted ANGLEC for further details on the distribution of dividends but has not yet received a response.
