Cape Town - Eleven employees at Premier Fishing in Saldanha with 250 years service between them yesterday walked off with a total of R40 000 in dividend payments.
These workers, who received between R2 000 and R15 000, depending on years of service, were the first of 420 workers at Premier plants at Saldanha, Humansdorp, Cape Town, Hout Bay, Gansbaai and Port Nolloth who will receive a dividend payment.
Mo Kajee, the chief executive, said the shares were first issued by the Premier Fishing SA Share Trust in 1995 and were valued at 1c each.
A minimum of 800 shares were issued to each employee that year with additional shares being awarded for length of service and seniority in the company.
With an increase in the value of the shares, the trust - which holds a 20 percent stake in the company - had declared a dividend of R1 each for every employee registered as a shareholder as at August 7.
Kajee, also a trustee, said the original rules of the trust allowed 50 percent of dividends to be paid out and the balance held in a retention account.
This rule has since been amended to permit the company to pay out the R1 dividend as well as the balance held in retention accounts.
Not only was the dividend payment indicative of the sound growth of the company in the past two years, but it also demonstrated its commitment to get all employees to participate in the company and to become true shareholders.
Kajee said the company had been able to do this because the allocation of medium-term fishing rights in 2001 had increased stability and profitability in the fishing industry.
Premier looked look forward to the allocation of longer-term rights in 2005 so that shareholders, especially those who were employees of the company, could continue to reap the benefits, Kajee said.