Big trade of C2W Music shares
Published:Thursday | June 2, 2016 | 12:00 AM
Some 53.8 million units of loss-making music publisher C2W Music Limited traded on Thursday, representing 13.4 per cent of the 400 million units listed on the market.
The stock traded at 34 cents per share on Thursday.
Few investors hold enough shares to transact such a deal. Up to March 31, Chief Executive Officer Ivan Berry held 180 million shares; Chairman Derek Wilkie held 80 million; Stocks & Securities Managed A/c, 58.2 million; and Stocks & Securities Limited (Alpha) 50.9 million. Kris Astaphan's estate holds the next largest block, 20 million units.
The shares changing hands on the surface comes amid falling revenues and rising net losses at US$18,526 for C2W's March 2016 quarter.
The company continues to falter under a mismatch of revenues and expenses. It made US$239 in revenues in the quarter, yet expensed over US$7,000 for songwriting workshops.
Just four years ago, the company raised over US$1 million and listed as a start-up on the junior market of the Jamaica Stock Exchange. It now holds an accumulated deficit of US$1.2 million and its equity stands at some US$11,000.