Foote’s Astronomical Holdings inks $100-million deal with iCreate Loop Jamaica
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44 minutes ago – Updated
iCreate Founder and CEO Tyrone Wilson (left) and attorney and lead investor Able-Don Foote sign the convertible debt deal agreement.
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The Able-Don Foote hedge fund, Astronomical Holdings has loaned $100 million to listed company iCreate Limited in a deal that will initially double the debt load at the training institute.
Foote is an attorney and lead investor in the fund that inked a convertible debt deal with iCreate.
The deal allows Astronomical Holdings, through its subsidiary AHL (SPV) Ltd to convert the debt into equity.
iCreate liabilities to June stood at $103 million from $65 million a year earlier. The $100 million loan would appear to double the liabilities.
Foote, in a release, said that the decision by AHL to invest was due to its visibility of iCreate’s growth prospects of the impending purchase of Visual Vibe limited, the largest digital outdoor advertising company in Jamaica.
“The idea is that these proceeds will go towards funding the impending visual vibe transaction,” Foote stated.
He added: “Great things can happen when strategic partnerships are forged.”
iCreate was in a negative equity position in 2021 when its liabilities surpassed its assets by $4 million.
It returned to a positive capital position of $26 million in 2022 after posting profits.
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