QUEBEC CITY, Oct. 1, 2013 /CNW Telbec/ - Industrial Alliance Insurance
and Financial Services Inc. ("Industrial Alliance") and Jovian Capital
Corporation ("Jovian") today announced the completion of the
acquisition through a plan of arrangement of all the outstanding common
shares ("Jovian Shares") of Jovian at $10.23 per share, for the
aggregate consideration of approximately $79 million in cash and the
issuance of 295,253 common shares of Industrial Alliance.
Jovian serves the private wealth management market segment through a
portfolio of financial services companies that include Leon Frazer &
Associates Inc., T.E. Investment Counsel Inc., Hahn Investment Stewards
& Company Inc., JovFinancial Solutions Inc. and IIROC dealer MGI
Securities Inc. As of September 30, 2013, Jovian managed and
administered assets of almost $7 billion on behalf of its clients.
It is expected that the Jovian Shares will be delisted from the TSX
later this week. In addition, Jovian intends to apply to the relevant
securities regulatory authorities to cease to be a reporting issuer in
each of the jurisdictions in Canada where it is currently reporting.
This press release may contain statements relating to strategies used by
Industrial Alliance or statements that are predictive in nature, that
depend upon or refer to future events or conditions, or that include
words such as "may", "will", "could", "should", "would", "suspect",
"expect", "anticipate", "intend", "plan", "believe", "estimate", and
"continue" (or the negative thereof), as well as words such as
"objective" or "goal" or other similar words or expressions. Such
statements constitute forward-looking statements within the meaning of
securities laws. Forward-looking statements include, but are not
limited to, information concerning the delisting of the Jovian Shares
and cessation of Jovian's reporting issuer status.
Although Industrial Alliance believes that the expectations reflected in
such forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are applied in
making forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
The forward-looking statements in this news release reflect the
Industrial Alliance's expectations as of the date of this press
release. Industrial Alliance does not undertake to update or release
any revisions to these forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events, except as required by law.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services
Inc. is a life and health insurance company with operations in all
regions of Canada as well as in the United States. Industrial Alliance
offers a wide range of life and health insurance products, savings and
retirement plans, RRSPs, mutual and segregated funds, securities, auto
and home insurance, mortgage loans and other financial products and
services for both individuals and groups. The fourth largest life and
health insurance company in Canada, Industrial Alliance contributes to
the financial security of over three million Canadians and employs
4,300 people. With the completion of the acquisition of Jovian Capital
Corporation, Industrial Alliance now has assets under management and
administration of more than $94 billion. Industrial Alliance stock is
listed on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE: INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.
For further information:
Office: 418 780-5945
Office: 418 684-5000, ext. 1-1660