by Linda Straker
- Deadline is 30 September 2022 to sign up for free shares
- Each share is valued at EC$10
- Cocoa farmers must present membership cards and sale book as confirmation
Cocoa Farmers in Grenada who wish to pursue the offering of free shares in Quality Producers Ltd. (QPL) which is the holding company of the Diamond Chocolate Factory, have until 30 September 2022 to sign up.
“The Board of Quality Producers Ltd. wishes to advise Cocoa Farmers that effective 30th September 2022, the offering of free shares to Cocoa Farmers will cease. Cocoa Farmers who wish to pursue their free shares before the expiration date should contact 440-2933 between the hours of 8:00 am to 4:00 pm, Monday to Friday. Please be guided accordingly,” said a notice in the 27 May 2022 issue of the Government Gazette.
Signed by Flavian Antoine, Chairman of QPL, the notice did not provide a reason behind the deadline. It is understood that the Board of QPL is in the process of offering a quota of shares to farmers and intends to wrap up the free shares offering by September.
The free shares offering is available for registered cocoa farmers who sold cocoa any time after the passage of Hurricane Ivan, i.e., from September 2004, to December 2012. The Association has approximately 3,700 active farmers and so far, less than 30% of those who qualify to receive the free shares in the company have signed up.
An official at the Grenada Cocoa Association said that those who signed up for the free shares qualified to receive dividends at the end of each financial year. “The shares certificate also becomes part of the farmer’s asset and it can be passed on to other beneficiaries.”
At the start of the company, the Association decided that farmers will receive 3 shares as part of the process for farmers to have ownership in the chocolate company. Each share is valued at EC$10. To sign up for the free shares, farmers must present their membership card and sale book as confirmation that they are indeed cocoa farmers.