First Look

SYGNUS LISTS LARGEST PRIVATE CREDIT INVESTMENT IPO ON THE JAMAICA STOCK EXCHANGE



0 | 2018-06-26 10:16:00

Sygnus Credit Investments Limited (SCI), a private credit investment company, officially listed two class of shares on the Jamaica Stock Exchange’s
Main Market. The company listed 350,087,563 ordinary shares in total, with 53% of the shares
on the JMD market and 47% on the USD market. SCI listed its shares after its initial public offering
(IPO) was three times oversubscribed, making it the largest IPO for a private credit investment
company in the Caribbean. The company initially sought to raise the equivalent of J$1.2 billion,
but doubled the size of the offer after receiving J$4.2 billion in subscriptions, gaining 3,434
additional shareholders during the process.
“Today Sygnus has made history as the Company will be listing its US$ and J$ issues on the main
JSE US$ denominated market and the J$ market. It would not be history making if we stopped
there because others have done this already. However, this is the first company to cross-list both
issues. This move lends itself to greater buoyancy/trading of these securities on the secondary
market as investors despite whether they purchased in the US$ issue or Jamaica Dollars issue can
transact in any of the markets. I wish to applaud the Company in making this move,” stated Mrs.
Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange.
The Jamaican dollar shares began trading under the symbol SCIJMD and the US shares under the
symbol SCIUSD. Given the shares were cross listed, the SCIJMD shares can also be traded on the
US market under the symbol SCIUS and settled in US dollars, and the SCIUSD shares can be traded
on the JMD market under the symbol SCIJA and settled in Jamaican dollars. This is made possible
because the Jamaican shares, SCIJMD and SCIUS have the same international shares
identification number or ISIN, which allows a shareholder to trade the shares on both markets.
Likewise, the US securities, SCIUSD and SCIJA have the same unique ISIN. Investors can thus
switch between the two currencies by instructing their brokers to do so, if this is desired by any
shareholder.
The key advantage of the cross listing is that it allows investors to use Jamaican dollars to
purchase the US dollar shares traded as SCIJA, or the Jamaican dollar shares traded as SCIJMD.
Likewise, it allows investors to use US dollars to purchase the Jamaican dollar shares traded as
SCIUS, or to purchase the US dollar shares traded as SCIUSD. Shareholders will receive dividends
in the currency in which their shareholding is denominated.
Additionally, existing shareholders can sell their US dollar shares as SCIUSD and receive US
dollars, or as SCIJA and receive Jamaican dollars. Similarly, shareholders of the Jamaican dollar
shares can sell SCIJMD and receive Jamaican dollars, or as SCIUS and receive US dollars.
Clement Wain Iton, Chairman of Sygnus Credit Investments Limited re-assured SCI’s commitment
to their investors. “As a company and board, we have a tremendous responsibility to our
expanded stakeholder base of over 3300 new stakeholders. Making the transition from a private
company to a public listed company is a very serious undertaking and we at SCI commit and
pledge that we treat it as such. Our new investors will be treated fairly & equally. We will ensure
the investment you have made will grow and flourish. As a board we commit to good governance,
to transparency and accountability. We pledge to be a model listed company and in doing so
maintain consistent and honest investor communication,” stated Iton during his opening remarks.
He also used the opportunity to thank the founders of parent company and Lead Arranger,
Sygnus Capital Management Limited, Berisford Grey, Ike Johnson, Jason Morris and Gassan Azan;
Lead Broker and Co-Arranger, Sagicor Investments Limited; Co-Broker, Jamaica National Fund
Management Limited; Legal Advisors, Patterson, Mair, Hamilton; Auditors, KPMG; the Staff of
Sygnus Capital Management and the Directors of Sygnus Credit Investments Limited.




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