THERE has been a slight delay in the sale of venture capital company SSL Venture Capital Limited, which has been on the auction block since last year.

SSL Venture Capital Chief Operating Officer Anthony Dunn confirmed the delay, which is due to the fact that Micro-Financing Solutions Limited, which made a takeover bid earlier this year, has amended its directors’ circular. This circular is to go before the boards of SSL Venture Capital and that of its parent company Stocks and Securities Limited (SSL) for a vote on whether to sell to Micro-Financing Solutions, which is a sub-agent of Lasco Moneygram and Western Union.

Dunn told the Jamaica Observer that the directors of both SSL Venture Capital and SSL are awaiting the amended directors’ circular before convening a meeting to vote on the takeover bid. To date no board meeting has been set but it is anticipated that a date could be confirmed next week.

It has been reported that the original offer circular from Micro-Financing Solutions contained “some inconsistencies”. As such, the financial and equities regulatory body, the Financial Services Commission ordered the company to revise its offer circular, which has been done and the take-over bid circular resubmitted to the FSC.

Micro-Financing Solutions made a take-over bid offer to purchase 100 per cent of SSL Venture Capital on January 17, 2022 for some $38 million. This represents one-tenth of the market value of shares in SSL Venture Capital, which is said to worth $512 million on the stock market.

Micro-Financing Solutions Limited, which offers short-term funding solutions to both individuals and micro- small- and medium-sized companies, is offering to purchase SSL Venture Capital for a price of $0.0948 per ordinary share. The micro financier, which is based at #2Suite at 2 Trafalgar Road, Kingston 5 reports that further details of its offer will be made public in due course.

SSL is the primary shareholder in SSL Venture Capital, owning 79 per cent of the issued shares, with 15 per cent being owned by mostly former executive employees and directors, and the balance of 6 per cent equity being owned by the general public. SSL Venture Capital was formed in 2018 by Mark Croskery, the then CEO of SSL Jamaica.

SSL Venture Capital was listed on the Jamaica Stock Exchange in August 2018, following a reverse takeover of failed music publishing company C2W. As at June 30, 2021, SSL Venture Capital had accumulated deficit of $123.4 million in comparison to $222.5 million in 2020.

In addition, at June 30, 2021, the group’s current liabilities exceeded its current assets by $73.2 million, coming from $18.3 million in 2020.