TORONTO, June 29, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar")
(TSX: JFC) today announced that, pursuant to a normal course issuer
bid, it intends to purchase a maximum of 8,081,616 of its common
shares, being approximately 10% of the public float. As at June 9,
2011, Jaguar had 107,852,330 common shares issued and outstanding.
Purchases may commence on July 4, 2011, and will terminate no later
than July 3, 2012.
Purchases of the common shares will be effected through the facilities
of the Toronto Stock Exchange. The purchase and payment for the common
shares purchased will be made by Jaguar in accordance with the
requirements of the Toronto Stock Exchange and the price which Jaguar
will pay for any such common shares will be the market price of such
common shares at the time of acquisition. Common shares purchased
pursuant to the bid will be cancelled.
The average daily trading volume of Jaguar's common shares for the six
months ended May 31, 2011, excluding purchases made by Jaguar under its
previous normal course issuer bid during that period, was 59,910. Other
than block purchase exceptions, Jaguar will not purchase in any trading
day more than 14,977 common shares, being the greater of (i) 25% of the
average daily trading volume of the common shares or (ii) 1,000 common
Jaguar will make no purchases of common shares other than open market
purchases and shares purchased by Northern Financial Corporation during
the term of Jaguar's normal course issuer bid, if any, shall count
towards the maximum number of common shares Jaguar may purchase under
the normal course issuer bid.
Jaguar believes that, at certain times, the market price of its common
shares may not adequately reflect the value of its business and its
future business prospects. As a result, Jaguar believes that its
outstanding common shares may, at such times, represent an attractive
investment and an appropriate and desirable use of its available funds.
No director or senior officer of Jaguar intends to sell common shares of
Jaguar during the period of this Notice. To the knowledge of Jaguar, no
associate of a director or senior officer of Jaguar, and no person
acting jointly or in concert with Jaguar and no person holding ten
(10%) percent or more of any class of equity securities of Jaguar
intends to sell common shares of Jaguar during the period of this
During Jaguar's previous normal course issuer bid which expired on June
6, 2011, Jaguar purchased an aggregate of 415,500 common shares at an
average price per share of $0.08055.
About Jaguar Financial Corporation
Jaguar is a Canadian merchant bank that invests in undervalued small and
mid-cap companies in a variety of industry sectors.
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
SOURCE Jaguar Financial Corporation
For further information:
Vic Alboini, Chairman & Chief Executive Officer
- or -
Kyler Wells, Senior Vice President and General Counsel