Apr 2008 Financial News

Michael Carballo elected OCM director

Apr 29, 2008

Chartered accountant Michael Carballo was yesterday elected a director of One Caribbean Media Limited (OCM), during the company's 40th annual general meeting at Express House, Independence Square, Port of Spain.

Carballo replaced Louis Andre Monteil, who was representing the interests of the Colonial Life Insurance Co (Trinidad) Limited (CLICO) on the board of directors. CLICO holds over 15 million ordinary shares in OCM.

He was appointed earlier this month as CL Financial's financial director, after Monteil announced his retirement. Carballo was not present at the meeting, as he was in Tobago.

All other board members, including Chairman Sir Fred Gollop, were present for the meeting. Three of them, Joseph Esau, Harold Hoyte and Grenville Phillips, who had come to the end of their terms recently, were re-elected yesterday. Thirty seven ordinary shareholders were present at the meeting and took time to thank and say farewell to outgoing OCM Chief Executive Officer (CEO) Craig Reynald.

Reynald served as CEO of OCM, holding company for both the Express and TV6, for the last three years. He has been replaced by former deputy governor of the Central Bank Dr Terrence Farrell, who assumes office in June.

OCM group's gross revenue grew from $448 million during the previous year to $482 million in 2007. The company group profit attributable was $88.5 million, an increase of two per cent over the preceding year's $86.8 million.

The board agreed to pay shareholders a final dividend of 47 cents, bringing the total dividend for 2007 to 72 cents, the same as the previous year, the annual report stated.


Source:
Aretha Welch awelch@trinidadexpress.com
Daily Express, Page 10
Tuesday, April 29th 2008

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