AGM
Post AGM Q&A 2024
At Wigton Windfarm Limited’s Annual General Meeting on October 11, 2024 some of the questions submitted by shareholders were not answered due to time constrains. The Company’s leadership made a commitment to provide answers to any remaining questions after the meeting. Please see below answers to the outstanding questions.
Is Wigton investing in solar panel power generation?
Wigton intends to diversify its independent power producer (IPP) generation business to include solar. In this regard the latest bid by the Company in the Generation Procurement Entity’s (GPE) 100MW tender was 49.83MW AC of solar. If successful, this will result in Wigton’s investment in solar power generation.
The Company is also in the business of installing and maintaining solar photovoltaic systems as part of its commercial and industrial finance lease or construction (EPC) models and has to date completed the implementation a 53kW DC solar system for Jamaica Inn Limited.
We also collaborated with Innovative Energy Company DBA IEC SPEI Limited on the installation of the 2MW AC phase I solar system at the Norman Manley International Airport.
Is there anyway, to access our account online?
To access your individual share/stock accounts you will have to address this with your respective brokers or financial advisors.
Why are dividends not paid 3 times for the year?
Dividends are declared and paid by the Company based on the Board’s assessment of the performance of the Company and its strategic direction while taking into account future investment decisions.
Can individuals interested in solar energy benefit from the Solar Lease?
At present, the strategic focus of the Company is not that of residential customers but that of large scale commercial and industrial customers through a finance lease or construction (EPC) option.
What is the projected annual revenue growth rate for the next five years and could you provide some insight into how Wigton’s management team plans to achieve those targets?
While we are not able to divulge specific revenue and profit targets, we are of the view that our strategic plans seek to grow the business through the diversification of our revenue portfolio. For example, we participated in the GPE’s 100MW tender and we intend to participate in any future tenders issued by the GPE for utility scale renewables and we are also focused on commercial and industrial customers for new revenue growth.
What are the policies in place for remuneration increases for staff versus shareholders’ dividends being paid? Is this document available for all shareholders to review?
The Company continuously assesses the market to ensure that compensation payable to employees remains competitive. The payment of dividends to shareholders is always in accordance with the Company’s Dividend Policy and this Policy is available on our website at wwfja.com.
Please expound on the changes of the limit of ownership of stocks.
The change to the limit of ownership is in line with the Company’s Articles of Incorporation. When the Company was converted to a public company, the Articles of Incorporation provided that no person would be permitted to hold more than 10% of the issued ordinary share capital of the Company during the period of five (5) years from the date on which the subscription list or the application list opened in the Initial Public Offer. This limitation accordingly ceased on April 17, 2024 by effluxion of time.
Are public disclosures made on all properties procured by Wigton?
Wigton has only purchased property at Lot 28 Ferry Pen, St. Andrew and this was disclosed to the Jamaica Stock Exchange and the public. Wigton, from a compliance perspective, always discloses matters of a material nature and as required by the JSE’s Main Market Rule Book.
Is the company looking to invest in hydro energy?
Wigton will continue to pursue renewable and clean energy opportunities and will undertake same once feasible and profitable. This may include hydro energy generation but there are no projects of this nature being contemplated at the moment.
