Stocks and Securities Limited (SSL) has completed the transfer of shares across the Jamaica Stock Exchange (JSE) via block transfer for majority ownership of cash-strapped song publisher C2W Music.

Its the first step in SSL’s rescue operation being performed on C2W. The block transfer from shareholders Ivan Berry and Derek Wilkie has increased SSL’s ownership of C2W to 80 per cent of the total issued shares.

The reverse takeover of C2W will result in 20 per cent of the company continuing to be publicly traded on the JSE, though the company’s operations will transform into a venture capital firm and it will be renamed to SSL Venture Capital Jamaica Ltd (“SSL Ventures”) ­— a publicly listed subsidiary of Stocks and Securities Ltd, licensed securities dealer and member of the JSE.

In a press release yesterday, SSL noted that shareholders will be invited to another extraordinary general meeting to pass the resolutions for the appointment of new directors and for the articles of incorporation for C2W to be amended to reflect the name change and change to the core business.

“Once these changes are effected, SSL Ventures will make full disclosures on the allocation of the US$850,000 that has been used to seed three portfolio companies. SSL Ventures CEO Drew Gray and COO Alanah Jones are working closely with the portfolio company’s CEO to grow each business with a desired exit in the next two to three years in alignment with a typical venture capital model,” the company said.

Yesterday, C2W’s stock price traded at $1.26 per share, up from $0.45 per share.