Solving a shipping problem
Money needed for pipeline investments across the region
Dear Claudienne:
I am currently a customer of the Shipme courier service.
On October 7, 2020 I sent a package from Doral, Florida USA, to Shipme at 1 Ripon
Road, Kingston 5, Jamaica. On average, within one week I am usually in receipt of my package but unfortunately, to date — October 30,2020 — I am still awaiting same.
The package arrived in the island on October 12, 2020.
At least three to four times per week contact has been made to Shipme to ascertain the status of same, and on each occasion I am told that the matter has been referred to a supervisor and an update will be provided.
On November 20, 2020 I was informed that a refund is pending as the package (valuing US$350) cannot be located. I do not want a refund of the items as it was sent as a gift for a friend and the sentimental value would be lost if I am to be provided with a refund. I would prefer if the package is found.
If the package landed in Jamaica and there is documentation proving same and it is not in Shipme’ s possession, shouldn’t the surveillance system at the airport be able to track how the package got ‘misplaced’? I do not believe the package has been misplaced. I believe someone took the contents.
In the package was a bottle of expensive perfume, a gift card in which I put US$50 cash, and an envelope with US$100.
I have been informed that the compensation I would receive is the US$58.65 listed on the invoice as the cost of the bottle of perfume. However, my friend to whom the package was sent as a Christmas gift would have to pay US$100 for the same brand of perfume in Jamaica. I therefore believe that the Shipme compensation should be the replacement cost of the perfume in Jamaica.
I would appreciate your help to have this unfortunate incident clarified.
RE
Dear RE
The Shipme management has informed Tell Claudienne that under the terms and conditions on the Shipme website, it is stated that for items lost, the amount of money to be refunded will be based on the cost of the item as stated on the invoice.
Tell Claudienne forwarded your email complaint and pictures to Shipme but the company said that the colour of the box (white) containing the shipment that you sent to the column was different from the colour of the box (brown) that the company received in Florida for shipment to Jamaica.
The company also said that the box in the picture sent to the column had a different Kingston address from the address on the box Shipme received from you in Florida.
The company said that all the packages they receive for shipment to Jamaica are opened and checked. The items in the packages are recorded and there are cameras overseeing this operation. No cash was seen in your package. However, in any event, the company does not ship cash, the spokesman said.
“Cash would be shipped differently.” he said.
Tell Claudienne has also been informed by the Consumer Affairs Commission (CAC) that the compensation a company is required to pay is based on the value of the item on the invoice.
We wish you all the best.
Have a problem with a store, utility, a company? Telephone 876-936-9436 or cell # 876484-1349 or write to: Tell Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail:edwardsc@jamaicaobserver.com ALTERNATIVE investment company Sygnus Credit Investments (SCI) is aiming to raise upwards of J$3.3 billion from its additional public offering (APO) of shares, which opens this Friday, December 18. The company is offering 196,372,431 ordinary shares in two classes, a Jamaican dollar share subscription and a United Staes dollar share subscription, amounting to Us$22-million. However, SCI has reserved the right to upsize the offer by an additional amount of 82,271,772 bringing the total subscription to J$3.3 billion. The price for the general public is US$0.14 per US$ share and J$16.30 per J$ share. SCI has agreed to have a discounted share price for existing shareholders and team members of US$0.127 per US$ share and J$14.70 per J$ share. The closing date for the APO is December 23, 2020. An application will be submitted to the Jamaica Stock Exchange (JSE) for the shares to be listed on its main market. Sygnus Capital Limited is the lead arranger for the APO while Sagicor Investments Jamaica and NCB Capital Markets will act as joint lead brokers. USE OF PROCEEDS FROM THE APO The APO prospectus, which was released on Friday last, indicated that the proceeds from the offer will be used for pipeline investments as well as growing the three-yearold company. In a statement accompanying the prospectus, SCI Chairman Clement Wainwright Iton remarked that the APO represents a key initiative on a multi-step journey within alternative investments to deepen and expand the Caribbean private credit ecosystem. Iton advised existing and prospective shareholders that SCI is not only a pioneer, but is a leader in the Caribbean private credit market. He indicated that 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 used its first three years of operations to develop its private credit track record, build key partnerships with institutions and investors and develop regional middle-market business relationships. This, Iton declared, has laid a solid foundation for a sustainable business model. He said within the next two to three years, SCI’S strategic objective 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 revenues. TAKING ADVANTAGE OF PIPELINE OPPORTUNITIES As such, SCI will be taking advantage of a robust risk-adjusted pipeline of opportunities while supporting and protecting existing portfolio investments. SCI’S most recent audited financial results for the financial year ended June 30, 2020 highlights some key achievements. Among the key achievements is the company’s portfolio of investments surpassing the Us$50-million threshold for the first time. At the same time SCI generated a record US$4.5 million in total investment income and US$1.97 million in net profits, which was 3.8 per cent less than the prior year record of US$2.05 million. Since its initial public offering in May 2018, SCI has returned US$3.8 million or 10.9 per cent of share capital to shareholders in the form of dividends. In only two years, SCI has delivered on its promise to pay out up to 85 per cent of net income in dividends. MOST RECENT FINANCIAL RETURNS SCI’S most recent financial results for the first quarter ended September 30, 2020 are even more encouraging. Net profits grew 51.1 per cent to US$797.8 thousand, total investment income grew 19.8 per cent to US$1.3 million while the portfolio investments grew 116.9 per cent to US$62.3 million. Another notable achievement is SCI’S ability to proactively manage credit risk in its private credit portfolio. SCI’S portfolio companies have demonstrated resilience thus far, with non-performing investments currently at 2.3 per cent, which is below the five per cent limit threshold. More importantly, the alternative investment company had zero realised losses on its private credit investments, a feat it has maintained since inception.