$2.5M in shares bought for motherless boys

Oct 11, 2009 News

In order to maximise the generous financial support offered to four young boys following the death of their mother, Mary Sandy, almost five months ago, substantial shares have been procured on their behalf from the Demerara Distillers Limited (DDL).

Andre Sandy

The four boys, seven-year-old Andre, five-year-old Mark, three-year-old Anthony and the baby, Andrew, lost their mother when she attempted to cross the Providence, East Bank Demerara Public Road on June 17 last .
Reports suggest that it was after dropping off her eldest child to school, Sandy, who resided in Providence, was crossing the road opposite the Texaco Gas Station when she was hit by motor car, PDD 9467. She died on the spot.
Upon her death, it was disclosed that the impoverished Sandy was made to endure an abusive relationship with the father of her children, who is said to be a drug addict, and was in fact struggling to survive.
In recognition of the children’s plight, publisher of the National Media and Publishing Company, Glenn Lall, took a decision to commence a support fund to help the motherless boys.
According to Lall, who himself contributed to the fund, the move to purchase the shares was seen as an essential one, given the current global financial crisis.
He disclosed that initially he had intended to place the $2.5 million into a Trust Fund but had a change of heart in light of the fact that such an arrangement would earn the boys nothing additional.

Mark Sandy

As such, Lall, following discussions with representatives from DDL decided to purchase the shares through the creation of a scheme called the Glenn Lall Foundation for the Sandy Brothers.

Anthony Sandy

“They will certainly be able to make a profit,” said Lall. “This is the wisest move that I could think of that can really benefit the boys in the long run and in the face of the financial crisis.”

DDL’s Lisa Rajkoomar explained that usually the dividend on shares is issued twice annually. Rajkoomar asserted though that dividends do not remain at a fixed rate. Rather, they depend on the profitability of the distillery company. `
The last payment of dividends last June amounted to 28 cents per share while the previous payment in December last year was 12 cents per share, Rajkoomar disclosed.
Shareholders, she said are also invited to attend all Annual General Meetings of the company.
According to her, with Lall’s recent purchase of the shares, the boys will become eligible for their first dividend payment next year.