Craig Powell, a director and second largest shareholder in KLE Group dumped part of his holdings in the floundering group, during Friday’s trading on the Jamaica Stock Exchange.

Stocks and Securities acting as brokers, on behalf of the seller and buyer executed the trade at 90 cents each, for the 7,181,043 units that Powell owned. Powell should pocket just under $6,462,938 from the sale, down substantially, from the $26.6 million value placed on it, at the time of the IPO. The amount represents a portion of 10,693,750 that the company’s prospectus said he held prior to the issuing shares to the public in 2012, and now leaves him holding 3,201,343 units. At the time of the IPO, the amount represented 14.64 percent of the total issued shares, after the issue it would have come down to 10.70 percent, the prospectus stated. Powell’s holding after the public issue was second only to Gary Matalon’s holdings of 13.69 percent. At the time of the public issue Usain Bolt’s Sherwood Holdings Limited held 6,757,000 in the company. KLE’s 2013 annual report, lists Sherwood as still owning them.
Who is Powell?| The KLE prospectus list Powell’s credentials as follows: “Non-Executive Director he was appointed September 8th, 2008. Powell has over twenty-four (24) years’ experience in management and event marketing and promotions. Powell’s work experience spans operations management at the Sunset Jamaica Grande Hotel, regional sales and marketing at Amalgamated Distributors Limited and management at Midel Distributors Limited.
Powell also has a wealth of experience in the event-planning and entertainment industry, having been a principal in many of Jamaica’s premier entertainment attractions and events, such as The Appleton Estate All-Jamaica Grill-Off, which is perhaps the only event of its kind in Jamaica.
Powell also has substantial agricultural investments, which includes the production and export of produce and has an interest in Jamaica Hydroponics Ltd., a company that grows and distributes vegetables to hotels and retail outlets. Jamaica Hydroponics Limited owns and operates the largest hydroponics farm in Jamaica.”
KLE Group has been bleeding badly, having made a loss of $56 million in 2013, it followed that up with a loss of $13 million in the March quarter this year, but this was an improvement on the $17 million loss they suffered in the March 2013 period.