TTNGL Chairman Rejects Claims Of Resource Drain, Highlights 302% Share Surge
Chairman of Trinidad and Tobago NGL Limited, Gerald Ramdeen, is rejecting claims made by Opposition Member of Parliament Stuart Young that the government is draining the company’s resources.
Speaking during a media conference on Tuesday, Mr. Ramdeen described the allegations as « reckless, irresponsible, and nothing more than a bold-faced lie. »
He said the comments were misleading and had the potential to damage public confidence in the State-owned entity.
« You are supposed to know when you make these kinds of statements what effect it will have on that company and confidence in that company. And you go in boldly and say that. Not a single cent has been drained from TTNGL. »
Mr. Ramdeen pointed to the company’s recent performance under its new leadership, noting a significant increase in share value. He reminded that over the past decade, TTNGL’s share price declined by 89.5%.
« It went from $24 to $2.50. They had nothing to say about that when that was happening. In the six months that the new Board of TTNGL has been in office, the value of the shares of TTNGL has gone up by 302%. »
Mr. Ramdeen said the Opposition’s claims negatively affected the company’s share price and caused concern among shareholders.
For investors awaiting payment, he confirmed that a long-standing issue has now been resolved.
« That the special resolution was passed unanimously by the shareholders, the result of which TTNGL, for the first time in four years, is going to be in a position to be able for the Board that I lead to consider the payment of a dividend to its shareholders. »
The Board is expected to meet with current Directors to determine both the amount and the timing of the dividend payments.
Mr. Ramdeen also explained why dividends will be paid in United States currency.
« The policy of the company is to pay it in US dollars, and we intend to do that, to give you the option to do that, because that is what the shareholders expected when they made that investment. For 10 years, they have been there, and they didn’t abide by the policy. »
Trinidad and Tobago NGL Limited (TTNGL) is a publicly listed company formed by NGC in 2014 to allow public participation in local energy assets, with its main income coming from dividends from its investment in Phoenix Park Gas Processors Limited (PPGPL).
