Wigton snatches JPS executive as new CEO
GARRY Barrow is poised to assume the role of chief executive officer (CEO) at Wigton Windfarm on May 6, as Wigton embarks on its next phase of expansion with new renewable energy projects in the pipeline and free from a shareholder cap.
Barrow will take on the newly created role as Wigton transitions from its former Managing Director Earlington Barrett, who retired on March 31. Michelle Chin Lenn has been acting as managing director since April 1 and will transition to the newly created role of deputy CEO on the same day Barrow joins Wigton. Chin Lenn’s head of energy role will no longer exist.
Barrow retired from the Jamaica Public Service Company (JPS) as its chief operating officer on October 14 after spending 11 years with the electricity and distribution company. Barrow was also the president of Cable & Wireless Jamaica for three years before leaving in March 2005.
“The Board of Directors of WIG is of the view that the aforementioned changes, and specifically the appointment of Mr Gary Barrow following a successful recruitment process, will further allow the company to fully realise its vision of being a profitable, regional conglomerate with successful clean energy and other investments. Mr Barrow also takes the lead at an exciting time for WIG, leading the charge for new investments to deliver a more diversified energy portfolio and growth agenda,” added the Wigton disclosure.
The disclosure also stated, “Mr Barrow has demonstrated exceptional leadership for over thirty (30) years in highly relevant C-suite roles in telecommunications and electricity in the region. In addition to his industry know-how and business experience, his multidisciplinary background in engineering, finance, technology, innovation, business transformation, process re-engineering,
governance and people management will allow him to hit the ground running at WIG.”
The arrival of Barrow heralds a new day for Wigton which is now prime for investors to increase their interest in the renewable energy business. Wigton had a shareholder cap that prevented any shareholder from owning more than 10 per cent of the company for the first five years after its May 2019 listing. However, that cap under the ‘entrenchment period’ ended on April 17 according to a disclosure by company secretary Shaneek Clacken.
The leadup to the share cap removal has seen Wigton’s stock price rise 60 per cent in the last six months from $0.70 to $1.12 on Wednesday. Wigton peaked on February 28 at $1.29 and currently trades well above its listing price of $0.50.
As a result of the share cap expiring, local, regional and international investors are currently making moves to establish sizeable positions in Wigton. One such investor is Cacao Holdings Limited, which now has a 4.82 per cent stake in Wigton. That stake was acquired on March 7 at $0.95.
These purchases were made from Mayberry Jamaican Equities (MJE), VM Building Society (VMBS) and ATL Group Pension Fund Trustees NOM Limited which collectively sold 610,550,532 shares during the quarter. As a result, MJE’S stake decreased from 10 per cent to 8.53 per cent, VMBS’ stake decreased from 9.87 per cent to 8.00 per cent and ATL Group’s stake decreased from 5.44 per cent to 4.14 per cent.
Wigton was shortlisted for JPS’S tender for the development of three renewable energy plants totalling 300MW recently while it currently awaits news on its bid for the generation procurement entity’s (GPE) recent 100MW request for proposal.
Wigton director Nigel Davy resigned on April 12 as he leads Innovative Energy Group Limited (formerly Ciboney Group Limited) into a new direction, which includes bidding on the same JPS & GPE renewable energy projects that Wigton recently placed bids on. This was revealed in a Taking Stock with Kalilah Reynolds interview on Tuesday. However, Wigton and IEC continue to collaborate with Innovative Energy Company DBA IEC SPEI Limited under the Wigton-iec Joint Venture.
Wigton’s recent quarterly report showed its nine months revenue cut by a sixth to $1.50 billion, but net profit only down three per cent to $490.58 million due to a tax credit from clarification on its tax rate. Wigton was charged a 33.3 per cent tax rate in 2023, but this will be 25 per cent for 2024 following recent changes in the government’s budget presentation. The company had $10.31 billion in assets in December 2023, $3.52 billion of which was cash while shareholder’s equity was $4.92 billion. Wigton’s full year numbers should be out by the end of next month.