Thursday 20 September, 2018

SSL Ventures forges a new path as a listed company

The rescue, which is said to be the first of its kind in Jamaica, saw C2W Music Limited’s name legally changed to SSL Venture Capital Jamaica Limited on August 8, 2018.

The rescue, which is said to be the first of its kind in Jamaica, saw C2W Music Limited’s name legally changed to SSL Venture Capital Jamaica Limited on August 8, 2018.

Loss-making music publisher C2W Music officially had its stock ticker on the Jamaica Stock Exchange (JSE) changed from ‘Music’ to ‘SSLVC’ on Monday following a reverse takeover by SSL Venture Capital Jamaica Limited (SSL Ventures) earlier this year.

The rescue, which is said to be the first of its kind in Jamaica, saw C2W Music Limited’s name legally changed to SSL Venture Capital Jamaica Limited on August 8, 2018.

According to Chairman of the company, Mark Croskery, the rebranded SSL Ventures will focus on investing in companies that promises revenue growth along with the ability to be publicly listed on the JSE, or sold to third parties throughout the Caribbean.

“Specifically, SSL Ventures will focus on making investments into new businesses that have promising technology, an innovative business concept, or are existing businesses that are seeking rapid growth within their field,” a release from SSL Ventures said.

It added that SSL Ventures will then work with the portfolio companies to grow each company to a level where it is ready for a trade sale or IPO on the Junior Stock Exchange.

“It is through the successful exit of companies is where SSL Ventures will realize returns for its shareholders,” the release continued.

C2W’s business model of publishing music and managing artistes was largely untested in Jamaica.

 

The company, which saw most of its business coming from fees and royalties, interest income and sponsorship income, was highlighted as a going concern by its auditors following reports of unpaid publishing and sub-publishing royalties for the years 2012, 2013, 2014, 2015 and 2016.

Music publishing revenue was previously the company’s primary source of revenue.

C2W's audited financials for year ending December 2017 showed negative equity of US$236,000 following the write-down of songwriters' advances to nil versus US$270,000 a year earlier. Deficits of the company had accumulated to US$1.52 million.

The music publisher listed as start-up in May 2012 at $1.29 per share after a successful IPO arranged by Stocks & Securities Limited but dwindled to $0.59 per share days before the acquisition.  

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