Thu | Jul 18, 2019

SSL Venture Capital shares suspended

Published:Tuesday | June 25, 2019 | 10:59 AM
Mark Croskery, CEO of SSL Ventures.
Mark Croskery, CEO of SSL Ventures.

SSLVenture Capital Limited shares were suspended on Monday following a submission by the company in an attempt to work out technicalities with its regulator.

The Jamaica Stock Exchange (JSE), which regulates the market, granted approval for the suspension, effective June 24, according to a release on the JSE website. The suspension is slated to remain until August 14, 2019.

“The application for suspension was made in response to the concerns raised by the JSE in its letter dated June 6, 2019, in relation to the auditor’s report filed on June 4, 2019 for the company’s audited financial statements for the year ended December 31, 2018,” the statement on the JSE website read.

SSL Ventures advised that the period of suspension will be used to resolve the issues raised and address the breach, implement appropriate policies and procedures to ensure that these issues do not recur and submit a modified or restated report that is in compliance with International Financial Reporting Standards and the JSE Junior Market Rules.

SSL Ventures listed on the JSE last year following the reverse merger of cash strapped company C2W Music Limited. SSL Ventures subsequently acquired stakes in three start-up ventures at prices above book value, accounted for as goodwill. The auditors wanted more rigorous information on the pricing of the acquisitions.

SSL Ventures holds equity positions in three unlisted marketing companies – Bar Central, 75 per cent it acquired for $5.9 million; Blue Dot Media Intelligence, 50 per cent for $53.7 million, and Muse 360 Integrated Limited, 51 per cent for $26.4 million.

The goodwill relating to each was estimated at $11.23 million, $60.45 million and $35.82 million respectively or a total of $107.5 million.