TORONTO, Nov. 15, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar" or
the "Company") today announced that its Board of Directors has approved
a dividend of $0.0047 per share on its common shares, payable December
9, 2011, to shareholders of record at the close of business on November
The Company also today reported results for its third quarter ended
September 30, 2011, of its 2011 fiscal year. For the three months ended
September 30, 2011, the Company reported a net loss of $5,106,403
compared to a net loss of $279,450 in the third quarter of 2010.
For the three months ended September 30, 2011, the Company experienced a
net loss on investments of $4,553,964, of which $3,562,356 was
unrealized, compared to a net loss on investments of $381,521 in the
third quarter of 2010. A substantial portion of the unrealized loss is
attributable to Jaguar's investment in Lakeside Steel Inc. 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.
For the nine months ended September 30, 2011, the Company reported a net
loss of $3,779,116 compared to net income of $2,297,338 in 2010.
Jaguar had cash and investments of $15,412,343 as at September 30, 2011.
Subsequent to September 30, 2011, the Company sold its investment in
MOSAID Technologies Inc. for gross proceeds of $17,108,815, generating
a realized gain of $2,326,786.
Vic Alboini, Chairman and Chief Executive Officer commented, "We are
pleased to report a gain on our investment in MOSAID and to be able to
reward Jaguar's shareholders with a dividend equal to approximately 10%
of our current share price. The dividend is in keeping with our
objective to pay out a portion of our realized gains on our investments
to our shareholders."
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
SOURCE Jaguar Financial Corporation
For further information:
Vic Alboini, Chairman and Chief Executive Officer
- or -
Kyler Wells, Senior Vice President and General Counsel