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Sygnus Credit Investments Limited team led by co-founder and Chief Investment Officer Jason Morrison, co-founder and CEO Berisford Grey, and co-founder and director Dr Ike Johnson (File photo)

Sygnus Credit Investments launches APO

Sygnus Credit Investments Limited team led by co-founder and Chief Investment Officer Jason Morrison, co-founder and CEO Berisford Grey, and co-founder and director Dr Ike Johnson (File photo)

Sygnus Credit Investments Limited is offering up to 196,372,431 ordinary shares in in two classes in the capital of the company under an Additional Public Offer (APO), targeting listing on both the J-dollar and US-dollar markets of the Jamaica Stock Exchange (JSE).

Sygnus Credit Investments Limited team led by co-founder and Chief Investment Officer Jason Morrison, co-founder and CEO Berisford Grey, and co-founder and director Dr Ike Johnson (File photo)

The company is seeking to raise a minimum US$10 million (J$1.42 billion). The lead arranger is Sygnus Capital Limited, with subscriptions invited through NCB Capital Market’s GoIPO platform.

The offer is priced at J$16.30 per unit and US$0.140 per ordinary. It is also offering a discounted price of J$14.70 per ordinary share or US$0.1270 to existing shareholders and team members outlined.

Reserved shares number 176,735,188 while 19,637,243 ordinary shares are open to the public.



The company indicates it has reserved the right to upsize the number of shares on offer by up to 82,271,772 ordinary shares in the event the APO is oversubscribed.

The Subscription List will open at 9:00 am on December 18, 2020 and close at 4:30 pm on December 23, 2020 but may be terminated earlier or extended as seen fit, Sygnus said.

The company indicates the new funds are desired to increase portfolio investment funds or dry powder.

Sygnus will targets markets of the J-dollar and US-dollar of the Jamaica Stock Exchange.

Clement Wainwright Iton, company chairman, said despite its recent and ongoing successes, “SCI has only begun to scratch the surface of the regional private credit ecosystem”.

SCI’s, strategic objective, he outlined is to enhance shareholder value by scaling its business to exceed US$100 million in portfolio investments and generate more than US$8 million in core vi revenues.

He observed, “Critical to this will be taking advantage of a robust risk-adjusted pipeline of opportunities while supporting and protecting existing portfolio investments. In order to accomplish these tasks, SCI needs to raise additional dry powder.”

Iton in his letter to prospective investors said SCI was started as a source of alternative financing for Caribbean medium-sized companies. He stated, “We are happy to report that SCI is not only av pioneer, but is a leader in the Caribbean private credit market.

He noted, “Over the past three and a quarter years, SCI has deployed more than US$100 million in financing diversified across 36 businesses, 11 industries and seven Caribbean territories.

SCI’s most recent audited financial show that the company’s portfolio of investments surpassed the US$50 million threshold for the first time, while generating US$4.5 million in total investment income and US$1.97million in net profits, which was 3.8 per cent less than the prior year record of US$2.05 million.