TWO YEARS after investment house Proven Investments Limited (PIL) sold its stake in Dream Entertainment Limited to Yes Iyah Limited, the new shareholder indicates that the deal is now wrapped up and all payments concluded.
Dream Entertainment is an event organiser, owning and producing large events such as Dream Weekend, Xodus Carnival, Dream Weekend Cruise, and The Cooler Weekend. The investment by PIL had represented a foray into the entertainment sector. It later decided to exit the segment.
On April 14, 2023, Yes Iyah shared documents dated August 2021 that showed the transfer to itself from Proven Investments of 2,500 shares in Dream Entertainment for consideration of US$480,000 (J$73.87 million).
Last week, on April 5, 2023, Company Office records indicate PIL as continuing to be owner of the 2,500 shares.
Company head Christopher Williams had explained that Proven had provided vendor financing to the purchaser and that shares would be effectively transferred upon payout.
Dream’s Legal Director, Sean Shelton, said on April 14 that the final payment had been made on April 13, 2023.
He explained in a written statement: “The transaction had two elements: a cash portion and a seller’s note. The seller’s note portion matures on July 11, 2023. That portion has now been paid ahead of the July maturity date.”
Shelton, who is also a co-principal of Yes Iyah, stated: “The transfer of shares from Proven to Yes Iyah was duly executed by Proven and Yes Iyah under Christopher Williams’ signature on August 20th, 2021, and a copy of the fully executed and stamped form of Transfer was obtained showing the shares being transferred from Proven to Yes Iyah.”
He, admitted, however, that the company secretary of Yes Iyah had not submitted the relevant documents re the share transfer until this past week.
Shelton also said that since the transaction, Yes Iyah increased its stake in Dream to 21 per cent.
Yes Iyah disclosed on Friday that the board of Dream Entertainment now includes Kamal Bankay as chairman, Ryan Reid, Sean Shelton, Solomon Sharpe, and Scott Dunn as managing director.
Yes Iyah Limited is a privately held company with investments in the entertainment and lifestyle sectors. Its principals are Michael Banbury, Shelton, and Reid.
Asked for comment on the concluded transaction, Proven’s head, Christopher Williams, said: “We have no regrets. I have said it before. Dream Entertainment is a great, great company … great brand, great industry and it is run by great, competent people.
“Unfortunately, it was too small for us. We now have US$2 billion off balance sheet and US$1.1billion on balance sheet. This requires a different focus,” he added.
The investment company, incorporated in St. Lucia, has investments throughout the Caribbean region with a portfolio of tradable securities and private equity positions taken in small and medium-sized companies throughout the region, with the objective of supporting growth over the medium term.