TORONTO, May 10, 2013 /CNW/ - JovFinancial Solutions Inc. ("JovFinancial"), the manager of Jov Leon Frazer Enhanced Opportunities Fund Inc. (the
"Fund"), announced today that the Fund will no longer accept further
subscriptions in the Fund while it explores strategic options to
maximize returns for all of the Fund's shareholders in light of the
phase out of the tax credits available to investors in labour-sponsored
investment funds proposed by the 2013 Federal Budget. It is important
to note that redemptions are unaffected by this decision.
The board of directors of the Fund continues to assess the budget
proposal and its potential impact and will be making a submission to
the federal government requesting relief from the claw-back of tax
credits that applies when an investment in a labour-sponsored fund is
redeemed early. At this time it is believed to be in the best interests
of investors to suspend further subscriptions until there is greater
guidance from the federal government regarding what relief, if any, may
be available to the Fund's investors. Once all of the details are
known, the board of directors of the Fund will determine the best
long-term course of action for the Fund.
JovFinancial also announces that, effective May 15, 2013, Steven
Hawkins, President and Chief Executive Officer of the Fund, will be
replaced by Philip Armstrong. Effective May 15, 2013, Steven Hawkins
is also resigning as a director of the Fund. Julie McMaster, Chief
Financial Officer of the Fund, has also been replaced by Jason Mackey.
Mr. Hawkins and Ms. McMaster are employees of Horizons ETFs Management
(Canada) Inc. ("Horizons"), a former affiliate of JovFinancial, and their services have been
provided to the Fund pursuant to a transition services agreement
between Horizons and Jovian Capital Corporation ("Jovian"), the parent company of JovFinancial, that expires on May 15, 2013.
Mr. Armstrong is the Chief Executive Officer and a director of Jovian
and is a financial services veteran with over 40 years' experience.
Mr. Mackey is the Chief Financial Officer of Jovian and has worked in
the financial industry for over 20 years. JovFinancial and the Fund
each thank Mr. Hawkins and Ms. McMaster for their service to the Fund.
About JovFinancial Solutions Inc.
JovFinancial is a leading Investment Fund Manager and member of the
Jovian Capital Corporation group of companies. JFSI offers investors a
unique brand of investment products and portfolio solutions that
combine competitive fees, strong performance, renowned third party
investment managers and client service excellence. In its first year,
JovFinancial has grown to manage in excess of $280 million of client
assets. The line-up of quality investment products includes one of
Canada's first mutual fund wrap programs that features a tactical
investment approach by investing in exchange traded funds.
SOURCE: JovFinancial Solutions Inc.
For further information:
Grant Rush, President, JovFinancial Solutions, 1-877-273-2156 ext. 7254