thebahamasweekly.com - Grand Bahama Power Company Directors Defer Dividends

Grand Bahama
Grand Bahama Power Company Directors Defer Dividends
By Sarah Kirkby
Aug 12, 2009 - 11:05:44 PM

Freeport, Grand Bahama – Grand Bahama Power Company (GBPC) Board of Directors recently decided to defer the dividend normally paid in the second quarter of the year, which resulted in ICDU not paying its customary July dividendfor 2009. Wayne Crawley, President and CEO of ICDU noted, “GBPC executives felt it would be prudent to defer dividends which would have been normally paid to ICDU.”

E. O. Ferrell, President and CEO of GBPC stated “The Board of Directors determined that the current decline in electricity sales due to the slow economy, coupled with the financial uncertainties of hurricane season, made it imperative that the company conserve its cash reserves at this time.” A decision regarding the timing of the dividend payment will be made later in the year.

Ferrell also noted that GBPC took similar action in the past after the devastating effects of two major hurricanes on Grand Bahama. “Grand Bahama Power Company is focused on improving the overall reliability of the system and the long term results of the company.”