Details of the offer will be made public in due course

SSL Venture Capital Limited, which remains insolvent, is being sold to Micro-Financing Solutions Limited.

It has been confirmed that Micro-Financing Solutions Limited on January 17, 2022 made an offer to purchase 100 per cent of SSL Venture Capital Limited, which is a public company listed on the Jamaica Stock Exchange. Micro-Financing Solutions Limited is offering to purchase SSL Venture Capital Limited issued share capital at the price of $0.0948 per ordinary share.

Further details of the offer will be made public in due course. 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. The venture capitalist later acquired equity in Bluedot, Muse 360, and Bar Central.

The aim at the time was to assist fledgling entrepreneurs to access funding to realise their dreams and to introduce these entities to the Junior Market as part of the exit strategy. Muse 360 Integrated Limited ceased operational activities in August 2019, while Bar Central was shuttered in December 2020 as the novel coronavirus pandemic had a devastating impact on the company’s revenues.

Shortly after, SSL Venture Capital started the process of selling its interest in Bluedot Data Intelligence Limited to its founder, Larren Peart. That transaction was completed earlier this month. Bluedot is a full service research and data intelligence company dedicated to the collection, mining and analysis of data to inform insights and decision making.

As at June 30, 2021, SSL Venture Capital had accumulated deficit of J$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.

This makes SSL Venture Capital insolvent with exposure to bankruptcy.