TORONTO, June 3 /CNW/ - Jaguar Financial Corporation ("Jaguar") (TSX: JFC) today announced that, pursuant to a normal course issuer bid, it intends to purchase a maximum of 7,561,183 of its common shares, being approximately 10% of the public float. Jaguar currently has 106,299,330 common shares issued and outstanding. Purchases may commence on June 7, 2010, and will terminate no later than June 6, 2011.
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, 2010, was 62,095. Unless otherwise permitted by the Toronto Stock Exchange, Jaguar will not purchase in any trading day more than 15,523 common shares, being the greater of (i) 25% of the average daily trading volume of the common shares or (ii) 1,000 common shares.
Jaguar will make no purchases of common shares other than open market purchases.
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 Notice.
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 statements.
SOURCE Jaguar Financial Corporation
For further information: For further information: on this press release, please contact: Vic Alboini, Chairman & Chief Executive Officer, (416) 644-8110; or Kyler Wells, General Counsel & Corporate Secretary, (416) 644-8177