Loop News
Jason Morris, Executive Vice President and Chief Investment Officer at Sygnus Group.
Sygnus Real Estate Finance (SRF) has announced the successful sale of two investment properties from its portfolio.
The properties, located at 56 and 58 Lady Musgrave Road, were sold at attractive valuations, reflecting the company’s strategic focus on maximizing returns for its shareholders, SRF said in a release.
The proceeds from the sale will support the company’s second investment life cycle.
“We are pleased that we were able to unlock value for shareholders from 56 and 58 Lady Musgrave Road investment properties and generate an attractive rate of return,” said Jason Morris, Executive Vice President and Chief Investment Officer at Sygnus Group.
SRF shareholders in March approved the special resolution to convert a $377.91-million performance fee owed to Sygnus Capital into SRF ordinary shares. The resolution led to the conversion of the fee into 20,707,342 ordinary shares at $18.25 per share.
Shareholders will receive warrants at a future date, granting them the option to buy new SRF shares at J$18.25/US$0.12. These warrants will be allocated at a ratio of one warrant for every 15 ordinary shares and will remain exercisable for two years following the issuance of Sygnus Capital’s new shares.
https://jamaica.loopnews.com/content/sygnus-real-estate-completes-exit-two-strategic-assets