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JAGUAR DECLARES CASH DIVIDEND, ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

^{Published on 2011-06-09 06:06:11 - Market Wire}
 

TORONTO, June 9, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the "Company") (TSX: JFC) today announced that its Board of Directors has approved a dividend of $0.0021 per share on its common shares, payable July 8, 2011, to shareholders of record at the close of business on June 24, 2011. Jaguar's Board of Directors intends to review the prospect of declaring future dividends subject to the Company's performance and financial results.

Vic Alboini, Chairman and Chief Executive Officer commented, "We have implemented several cost cutting measures over the last 24 months, including reducing the salaries of the management team to nil. These measures, combined with the fact that our net income for the year ended December 31, 2010 was $2.59 million, position us to reward Jaguar's shareholders. We believe this dividend is a first step towards creating value for our shareholders."

The Company also announced the re-election at its annual and special meeting of shareholders held today of Vic Alboini, Victor Lazarovici and John Welton and the election of Michael Boyd as Directors to replace Joe Panetta, who did not stand for re-election at the meeting.

Mr. Alboini, Chairman and Chief Executive Officer stated: "On behalf of Jaguar I want to thank Joe for all of his efforts and contribution to the Board and to Jaguar. We wish him all the best in his future endeavours."

Mr. Boyd is a seasoned investment management executive with over 34 years of experience managing venture capital, private equity and traditional and high yield debt securities. Mr. Boyd has served on the board of directors of a number of public and private companies and is a member of the Institute of Corporate Directors. He is currently a director of four public companies and one private company.  He is also on the Independent Review Committees of two publicly traded mutual fund groups. Mr. Boyd holds an Honours BA in Philosophy and Psychology from the University of Western Ontario (1974) and an MBA from the Richard Ivey School of Business (1976).

The shareholders also approved a special resolution reducing the stated capital account of the Company by an amount of $56,129,885. Shareholders also ratified, confirmed and approved the Company's stock option plan and approved all unallocated options thereunder. Grant Thornton LLP was re-appointed as Jaguar's auditors for the ensuing year. For more information regarding the matters considered at the meeting today please refer to the management information circular dated May 5, 2011.

About Jaguar Financial Corporation

Jaguar is a Canadian merchant bank that invests in undervalued small capitalization 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.