(Jamaica Gleaner) Pegasus Hotels of Jamaica completed its transition to private ownership on Tuesday with the delisting of the company’s shares, all of which are now owned by Kevin Hendrickson’s Quivin International Limited.
The hotel company, which owns The Jamaica Pegasus, exits the stock market after posting one of its worst financial years in which its losses grew fivefold, and its fourth quarter was characterised by ‘negative’ revenue.
Hendrickson had previously signalled to the market, after he acquired the first 60 per cent of the shares from the Urban Development Corporation in 2010, that the Pegasus’ financial position was worse than he expected and would have required a strong injection of capital to turn into a profitable entity.
His plan to take the company private was also telegraphed at acquisition. Quivin needed more than 80 per cent of the shares to delist, but ended up securing full ownership.
“Pegasus Hotels of Jamaica Limited will be delisted effective June 12, on the basis that all shares in the company have been acquired by a single shareholder and the company no longer satisfies the requirements of the rules of the Jamaica Stock Exchange with respect to the minimum number of shareholders for listed companies,” said a stock market filing by Pegasus on Monday.
