Concerned Shareholders of SSL Group Seek Answers
The concerned shareholders of SSL Group wish to draw reference to an article posted on the Jamaica Gleaner website www.jamaica-gleaner.com on September 18, 2019 which stated “Hyperion Equity Inc, a firm formed by Zachary Harding, has announced plans to acquire a minority stake in SSL Growth Equity Limited (Barbados), the parent company of Stocks and Securities Limited (SSL Jamaica)”.
Further to this, the Jamaica Gleaner also reported on March 4, 2020 that “Hyperion itself is acquiring a stake in SSL Group, but that transaction is still pending”. It however does not appear to have been disclosed to date if the investment was for an associate stake or control, and this has left concerned shareholders seeking answers and clarification. Hyperion Equity is led by Mr. Zachary Harding, who is now Group CEO of the two (2) investment outfits, namely Hyperion Equity Inc. and SSL Group as at September 16, 2019. Concerned shareholders continue to seek clarity on whether the previous Croskery family-controlled outfit has ‘changed hands’, or who now controls the common shares of the Investment Company. The shareholders reside under an International Business Company (IBC) domiciled in Barbados named SSL Growth Equity Limited. Although the Directors of SSL Group have maintained that all the affairs of the Group or IBC are private, the Group operates a regulated financial services company in Jamaica. There has however been wide ranging amendments to the rules and legislation applied by the Jamaica Central Bank that regulate commercial banks in Jamaica. This though has not yet been extended to the securities sector. The purpose of these regulations by the Central Bank of Jamaica is to ensure transparency in the sector, especially in instances where commercial entities possess complex corporate or financial structures.
SSL Group has made public a number of developments since Zachary Harding became CEO of SSL Group, including disposing of its real estate arm, SSL REIT Ltd, micro finance arm, Dolla Financial Services Ltd, and other changes under its venture capital arm, SSL Venture Capital Jamaica Ltd.
On March 4, 2020 in an article which appeared on the Jamaica Gleaner website, it was announced that “SSL Growth Equity Limited, which trades as SSL Group, is creating a subsidiary for its new private equity operations that is expected to become operational by mid-year.”This announcement created further confusion for shareholders, given the prior announcement was that Hyperion Equity had already invested directly into SSL Growth Equity Limited. There has been no formal public statement from either company since the announcement in September 2019 by Hyperion Equity and SSL Growth Equity Limited.
These reports have led to further queries, such as the status of Mr. Hugh Croskery with the company and whether he remains Chairman and even an owner in the company at this stage and what is the Barbadian Mr. Jeffrey Cobham’s involvement with the entity operating in the role of Deputy Chairman? The website for Hyperion Equity Inc., http:// www.hyperionequity.com, does not seem to work.
Based on reports, Chairman Hugh Croskery’s son, Mark Croskery, exited the entity last year September 2019 by resigning from SSL Growth Equity and SSL Venture Capital as CEO. He also resigned from all Board Directorships in the SSL Group in November 2019 and had resigned from Stocks and Securities Limited from as far back as March 2018.
Young Croskery sold all his shares in the Barbados IBC to private equity investment firm Dawgen Global Limited on October 14, 2019. However, the Board of Directors of SSL Growth Equity Limited subsequently refused to approve the registration of the shares to Dawgen Global in Barbados. When contacted, Mr. Dawkins Brown advised that his firm, Dawgen Global, is the beneficial owner of the 12.26% shareholding in SSL Group as he purchased the shares in October 2019.
The resulting factors continue to raise questions by minority shareholders and clients, regarding who is in control of the SSL Group entity domiciled in Barbados and does Hyperion now own 51% or more of SSL. It is hoped that answers and responses to these queries will be made public in due course by SSL Group.