TORONTO, April 17, 2012 /CNW/ - Jovian Capital Corporation ("Jovian") (JOV: TSX) is pleased to announce that, further to the announcement of March 22, 2012, the shareholders of Jovian have approved by an overwhelming 99.99% majority a special resolution to reduce Jovian's stated capital in connection with the proposed $4.00 per share cash distribution by way of a return of capital. This approval was obtained at a Special Meeting of Shareholders held April 16 in Toronto.
The record date for the special distribution has been set at May 4, 2012 (the "Record Date"), and the payment of the special distribution is expected to occur on May 11, 2012. This special distribution is derived from proceeds realized from the sale by Jovian of MGI Financial Inc. on October 5, 2011, and the Horizons ETFs business on November 14, 2011.
As this distribution of $4.00 per share exceeds 25% of Jovian's current stock price, pursuant to the rules of the Toronto Stock Exchange ("TSX"), the "ex-distribution" date (the date on which purchases of the security will no longer have an attaching right to the distribution) will be May 14, 2012, the first trading day following the distribution payment date. In addition, the TSX is expected to apply its "Due Bill" trading procedures, pursuant to which trades of Jovian's common shares entered into before the May 14 ex-distribution date but settled after the May 4 Record Date will have a Due Bill attached for the special cash distribution.
About Jovian Capital Corporation
Jovian acquires, creates and grows financial services companies specializing in two primary market segments: wealth management and traditional asset managers. The Jovian group of companies (MGI Securities Inc., MGI Securities (USA) Inc., T.E. Wealth, Leon Frazer & Associates Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc. and JovPortfolio Management Inc.) manages approximately $6.3 billion of client assets ($4.9 billion in assets under management and $1.4 billion in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com.
For further information:
Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744; or
Philip Armstrong, Chief Executive Officer, Jovian Capital Corporation, (416) 933-5752.