SSL investors may soon hear about shares at JSE

Stock market investors who are clients of Stock and Securities with shares held in the Jamaica Central Securities Depository (JCSD) may hear by next week if their accounts will be the subject of a sale of assets to another financial institution, a development that if were the happen would maximise the proceeds from all the company’s physical and intangible assets in the interest of all the company’s creditors.

The Jamaica Stock Exchange subsidiary

Stock market clients of SSL have been unable to trade their stocks since the Jamaica Stock Exchange terminated its Member Dealers Agreement with Stocks and Securities Limited (SSL) effective February 24. Consequently, SSL and its clients were allowed to trade on the exchange.
Some SSL clients have been upset about their inability to trade, made worse by the absence of an update on the matter.
ICInsider.com contacted the Managing Director at the Jamaica Stock Exchange, Marlene Street, to elicit her response on a number of issues relating to the ability of investors to get access to their shareholdings held through SSL.
What is the position of shareholders and their shares in the central depository?
Response:  Shareholders who have their securities deposited in the JCSD can rest assured that their securities are safe.  Ownership of these securities cannot be transferred without their consent.  Shareholders may view their statement from the JCSD Portal at jcsdportal.jamstockex.com or from the JSE’s website at jamstockex.com.”
Can shareholders access their shares now and if not, when and what is holding it up?
Response:  “All shares held by investors at the JCSD are held under the account of a Broker Participant.  To purchase or sell shares, an investor goes through their broker, the same applies if they desire to transfer their shares applies.  Since the shares are held under the account of SSL, in this instance, the JCSD cannot transfer securities without their concurrence.”
“ We have written to the Temporary Manager of SSL to request approval to transfer the securities held by JCSD SSL account holders to brokers of the investors’ choice.  We are aware that the Temporary Manager and the FSC are in discussions regarding same however, we await a final response to be able to guide the investors on how to access their shares.”

Stocks & Securities dump repos

Stocks & Securities (SSL) dumped their repo business and sold it to Jamaica National Building Society. Mark Croskery, Managing Director of SSL, said this is in keeping with the trend in the industry where financial institutions are reducing their exposure to this business.

The two government debt swaps (JDX) have brought into full focus the risk that is inherent in the business. The sharp swings that have taken place in interest rates has resulted in major changes to the value that companies book in their financial statements. Such risk means that these entities need to have a greater level of capital to withstand the potential losses that can occur.

Croskery stated that SSL has applied for a unit trust license, which they hope will be approved for later in the year. They expect to enter the market for money market offerings using unit trust vehicle.

The amount of the sale was not disclosed but at the end of 2011, SSL had $4 billion on their books. However, a source suggests that the amount may have declined to a much lower figure. With such sums and with the interest rates as low as they are, making a decent profit from the repo business is marginal. Interestingly, Croskery stated that there would be no staff changes as a result of the sale.

The sale is likely to provide capital for the company and strengthen its balance sheet.

SSL customers were recently advised that the company would no longer be offering these instruments.

SSL uses IPO as fund raiser

[Press Release] Stocks & Securities Ltd is using a novel approach to raise funds for the Jamaica Environment Trust (JET). Read below to lear how voluntary donations can be made by applicants of the JamaicaStock Exchange IPO that opens today.

SSL JET Partnership - 5th July 2013_0

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