Jaguar Financial reports results for third quarter of fiscal 2012 and appoints Interim CFO
TORONTO, Nov. 13, 2012 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the "Company") today reported results for its third quarter ended September 30, 2012.
For the three months ended September 30, 2012, the Company reported net income of $94,048 compared to a net loss of $5,106,403 in the third quarter of 2011.
For the three months ended September 30, 2012, the Company generated a net gain on investments of $232,042 compared to a net loss on investments of $4,553,964 in the third quarter of 2011. The Company's investment portfolio is classified as held for trading and recorded on a fair value basis and will experience, at various times, unrealized gains or losses based on equity market conditions.
Jaguar had cash and investments at fair value of $4,915.246 as at September 30, 2012.
Jaguar is pleased to announce the appointment of Craig Rogers as Interim Chief Financial Officer. Mr. Rogers is also Vice President of Investment Banking at Northern Securities Inc. Mr. Rogers holds an Honours Bachelor of Commerce (Finance) degree from the University of Ottawa, and is a Chartered Financial Analyst.
The Hearing Panel of IIROC ("Hearing Panel") released its reasons for its decision given on July 23, 2012 and the sanctions imposed on Vic Alboini, the Chief Executive Officer of Northern Securities Inc. ("NSI") (including a two year suspension from registration in all categories and an inability to be an Ultimate Designated Person in the industry). NSI and Mr. Alboini have applied to the Ontario Securities Commission ("OSC") for a hearing and review of the Hearing Panel's decision and will also be applying to the OSC for a stay of the Hearing Panel's sanctions pending the OSC decision on the appeal.
Jaguar is a Canadian merchant bank that invests in undervalued small capitalization companies in a variety of industry sectors.
The securities of Jaguar Financial Corporation are listed on the TSX under the symbol "JFC".
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under Jaguar's control which may cause actual results, performances or achievements of Jaguar to be materially different from those implied by such forward looking statements.
SOURCE: Jaguar Financial CorporationFor further information:
Vic Alboini, Chairman and Chief Executive Officer