LIME Jamaica on Thursday expressed confidence that its twinned approach of replacing obsolete equipment and the rebranding exercise was a move in the right direction in its quest to conquer the 'red army' and "win back Jamaica". But shareholders were not pleased that directors may not have a personal stake in the battles.
One in attendance at LIME AGM's over the years can always be prepared for the usually interrogative and colourful question and answer session, and this one did not disappoint.
"There are seven directors indicated here, but of these seven directors only two have shares in this company," said a shareholder at the Cable and Wireless Jamaica/LIME Jamaica's 23rd annual general meeting. The companies made a one-time write-off of equipment, amounting to over J$7 billion, that had been in use for decades.
Not a requirement
Regional vice-president Legal, Regulatory & Corporate Affairs Camille Facey sought to explain that, while directors are not legally obliged to have shares, this situation was due to the fact that some of the current crop were replacement for others who had resigned, She gave the assurance that these would be encouraged to do so.
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But shareholders were somewhat peeved at the regional company's new marketing executive in chief and chairman of the local operation, Chris Dehring's attempt to justify why only three of the company's 12 senior managers owned shares in the company.
"Are we on the same team?" one shareholder quipped.
"You just said we are at war," offered another, "don't they like the brand?"
"The employees and senior managers are the ones who are expected to see this brand move and if those senior managers are not shareholders," one further argued to a resounding applause, "how are they going to impress on other people to buy or to work with Cable and Wireless?"
Dehring, who came on-board last November and is renowned as a co-founder for Jamaica's first investment bank and his role as CEO of the 2007 cricket world cup held in the West Indies, sounded the battle cry during his presentation.
Dehring acknowledged that to meet their targets it would take "hard work and grind", as he pointed out that any gains made would be reinvested in the company.
The company suffered a year-on-year loss of $3.4 billion, but made $53 million more revenue than it did the previous year; cash from operation amounted to $4.9 billion; a $1.3 billion surplus on 2009 results.
An improved financial year
However, Managing Director Geoff Houston foresees a much improved 2010/2011 financial year, which is based on a much better than expected uptake in the company's 3G facility, despite it only being offered in the metropolitan area.
The results of an aggressive telemarketing machinery and a now world-class customer-service offering are seen as a move in the right direction.
"These achievements and other projects currently at various stages of development will, no doubt, serve as a springboard for future growth and profitability," Dehring stated.
"While we remain cognisant of the challenges we face, we are optimistic about the future. As we move forward, we will seek to leverage our great legacy as the backbone of Jamaica's communication infrastructure."
