C2W Music to become SSL Ventures
Securities dealer Stocks & Securities Limited gained approval from shareholders to change the name of listed company C2W Music Limited to SSL Venture Capital Limited (SSL Ventures).
Chief Operating Officer Alanah Jones said the name change will take effect by around mid-month.
"It was a unanimous vote of attending shareholders," Jones said, regarding the July 30 vote at an extraordinary general meeting of C2W owners.
The vote also approved an amendment to the articles of incorporation to allow the music publishing company to operate instead as a venture capital company. SSL Ventures, the name by which the company will trade, will be formally rolled out next month.
"Following the takeover of C2W by SSL and passing of the necessary resolutions, SSL Ventures will be changing the ticker that the company is listed under at the Jamaica Stock Exchange and will formally present the portfolio companies that exist under the venture capital firm at a press conference to be held in September," the company indicated.
In June, Stocks & Securities initiated a reverse takeover of the loss-making music publisher through subsidiary SSL Venture Capital, which is used by the brokerage as a vehicle for investments. SSL Venture essentially acquired C2W Music as a shell from which to operate.
A reverse takeover involves a private company acquiring the controlling shares in a publicly traded one, in a move aimed at taking over the public company and recapitalising it. But it also allows the private company to fast-track its listing on an exchange. SSL Venture Capital is already capitalised with US$850,000 but will go back to the market to raise additional funds in order to finance future deals. C2W, meanwhile, last reported negative equity of US$236,000.