The 19th Annual General Meeting of shareholders of Cable & Wireless St. Kitts & Nevis Ltd provided an opportunity for stakeholders in the telecommunications company to get an appreciation of its performance over the last financial year, and contribute to the future direction.
In some pre meeting comments, shareholders spoke to the issues of dividends, the companys performance for the last financial year and the future prospects for the company in a competitive environment.
One shareholder commented that although he invested blindly in the company, he has had no regrets over the decision. I am quite pleased it has turned out to be a wise decision and I am happy with the level of return, said one Nevisian shareholder.
Speaking to the issue of competition, another shareholder believes that with its broad portfolio of products and services his company is well placed for competition. Over the past financial year we have seen Cable & Wireless grow in leaps and bounds. The company has strengthened its internet and cell phone products with focus on strengthening its cell phone base and it is now poised to be the telecommunications provider of choice, opined Sam Stokes, another shareholder.
Vice President of Finance and Company Secretary Richard Henry, indicated that over the last few years the company has paid an average dividend of 40 cents per share.
Commenting on the consistency of the dividends paid over the last few years, one shareholder described the amount as unmatched in the Federation, saying that it is very significant that Cable & Wireless is able to pay a 40% dividend for the last four years. He is confident that shareholders will continue to see good quality returns being paid.
With government owning 17 percent of the shareholdings in Cable & Wireless St. Kitts & Nevis, nearly 50% of the local dividends goes back directly into the local economy. Moreover, as much as EC$45 Million, have been paid into the public purse as corporation tax over the last 5 years. This is in addition to business license, and other taxes that Cable & Wireless has paid over the last several years.
With over 1300 shareholders owning a further 18% of the shareholdings, the payment of dividends unquestionably stimulate economic activity in the Federation.
Chief Executive of Cable & Wireless, Ms Patricia Walters has indicated her satisfaction with the companys performance as at the last financial year underscoring the point that in more ways than one local Kittitians and Nevisians have a stake in the company.
C&W St. Kitts & Nevis for all intents and purposes is a local company, said Ms Walters. Pointing out that the cover of the annual report reflects that 96 percent of the staff is local, the Chief executive also spoke to the 35% of the dividends that gets re-invested into the local economy.
The last Annual General Meeting was held at the OTI on Monday 10th January, 2005.
