Proven's custodial fee unreasonable

THE EDITOR, Sir:

This is an open letter to Proven Investments.

I write as a shareholder of Kingston Wharves Ltd, and I make reference to the notification on your recent portfolio statement regarding a "custodial fee of US$25" per annum per security to be deducted from coupon payments, effective March 1, 2017.

I consider this to be unreasonable. This amount, converted to Jamaican dollars, is approximately J$3,125, which is ridiculous since, in my case, for example, it is much more than the dividends that I receive annually from my Kingston Wharves shares.

I feel that this should be urgently reviewed and withdrawn from application against dividend payments earned on shares investments.

Your urgent review and consideration will be appreciated.

HOWARD E. BENNETT

howiebenn@hotmail.com