Business & Finance
Business and Finance
Business and Finance
Tue, July 5, 2011
Mon, July 4, 2011 
TORONTO, July 4, 2011 /CNW/ - Jovian Capital Corporation ("Jovian") (TSX: JOV) is issuing this press release at the request of Market Surveillance, on behalf of the Toronto Stock Exchange, and in response to several articles in the Korean press which discussed the potential sale of Jovian's exchange traded fund business (the "ETF Business").
Jovian confirms that it has had discussions with several parties over the past several months, including ongoing discussions with Mirae Asset Global Investments Co., Ltd. ("Mirae"), the party indicated in the Korean press articles. The ongoing discussions with Mirae have contemplated the purchase of Jovian's approximately 60% interest in the ETF Business by Mirae and the purchase of additional shares owned by minority shareholders of the ETF Business based on an enterprise value for the ETF Business of approximately $150 million CAD. If negotiations with Mirae are successful, it is anticipated that a share purchase agreement (which would be subject to numerous conditions, including but not limited to, regulatory and contractual consents and approvals) would be signed in mid-July, with closing contemplated thereafter, if and when such conditions are met. No assurance can be given that such negotiations with Mirae will result in agreement on terms of an acquisition, including the price thereof, the entering into of a definitive share purchase agreement or that a transaction would ultimately be completed.
The foregoing information may contain forward-looking statements relating to the future performance of Jovian Capital Corporation. Undue reliance should not be placed on forward-looking information as actual results may differ materially.
About Jovian Capital Corporation
Jovian acquires, creates and grows financial services companies specializing in three primary market segments: wealth management, traditional asset managers, and exchange traded fund asset managers. The Jovian group of companies (AlphaPro Management Inc., BetaPro Management Inc., Hahn Investment Stewards & Company Inc., Horizons Exchange Traded Funds Inc., JovInvestment Management Inc., Leon Frazer & Associates Inc., MGI Financial Inc., MGI Securities Inc., MGI Securities (USA) Inc. and T.E. Wealth) manages approximately $13.5 billion of client assets ($8.0 billion in assets under management and $5.5 billion in assets under administration). Additional information is available at [ www.joviancapital.com ] and [ www.sedar.com ].
