West Hamilton Release Nine Month Results
West Hamilton Holdings Limited have announced results for the nine months ended September 30th, 2013, change in the Company’s fiscal year-end, dividends for the period and other corporate actions taken by the directors of the company that include a development plan to construct several condominiums which will be available to Bermudians and non-Bermudians.
Change in the Company’s fiscal year end
The Company changed its financial year-end from December 31 to September 30 with effect from the current financial period ended September 30, 2013.
The change was made to coincide with the financial reporting year-end of Bermuda Commercial Bank Limited and its parent company, Somers Limited who jointly owns 57.02 percent of the Company’s outstanding shares.
Results for the nine months period highlights:
Revenue for the period was $2,351,604 compared to $829,039 for the year of 2012, an increase of 183.65%. The comparative operating result for the period is in line with previous periods as the Company realized a gain of $1,863,721 from the sale of local securities held in its investment portfolio.
As a result of the sale of these securities, the Company reported a reduction of $1,276,035 in accumulated other comprehensive income.
Dividend:
The Board of Directors approved the payment of a dividend of $0.15 to shareholders of record on March 14 payable March 24, 2007. The Company generated $5.43 million which will be used to fund the dividend and partially finance the development of the property.
Other corporate action:
“The Directors approved a dividend reinvestment plan which is an easy and convenient way for registered shareholders to increase their holdings in the Company by reinvesting all of their cash dividends in additional shares”, a spokesperson said. “Participation in the plan is optional.
“If a shareholder does not wish to participate in the plan, dividends will be paid to that shareholder in cash and no action is required by the shareholder. If a shareholder elects to participate in the plan, on each applicable dividend payment date, the dividends in respect of that shareholder will be automatically reinvested in additional shares of the Company.
“The Directors approved a limited number of shares that will be purchased by the Company at a price established by the Directors should any shareholder wish to sell their shares.
“West Hamilton Limited will soon release details of its development plan to construct several condominiums on a parcel of land on the North West corner of the property which will be available to Bermudians and non-Bermudians.”
West Hamilton Holdings Limited is a real estate development company which owns and operates a commercial property on Pitts Bay Road in Hamilton.
