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Jaguar Financial Announces Closing of Share Sale and Related Board and Management Changes
July 07, 2020 7:50 PM EDT | Source: Jaguar Financial Corporation
Toronto, Ontario--(Newsfile Corp. - July 7, 2020) - Jaguar Financial Corporation (TSXV: JFC.H) ("Jaguar Financial" or the "Company") is pleased to announce that the various transactions initially disclosed in its press release of July 3, 2020 have now closed. Under the terms of a share purchase agreement (the "Share Purchase Agreement"), Victor Alboini, his holding company, and certain members of his family (collectively, the "Sellers"), sold or optioned all of their respective common shares in the capital of Jaguar Financial ("Common Shares") to a group of purchasers that are arm's length to the Sellers and to one another (collectively, the "Purchasers"). In addition, each of the conditions to closing of the Share Purchase Agreement have now been satisfied, including:
Victor Alboini (Chairman and CEO), Doug Harris (Director), and Gerald Sternberg (Director) have each resigned, and Michael Lerner (Director and Chief Executive Officer), Harvey McKenzie (Director) and Neil Novak (Director) have been appointed to fill the vacancies created by the foregoing resignations.
Jaguar Financial has entered into a transitional services agreement with Mr. Alboini, the Company's former CEO and Chairman, to assist incoming management and the Company's accountant for a period of one year (the "Transitional Services Agreement").
The Purchasers have provided Jaguar Financial with a loan to fund its obligations under the Transitional Services Agreement, which loan has been documented by promissory notes issued by Jaguar Financial in favour of the Purchasers.
Additional Information
Perry Rapagna, Chief Financial Officer
Jaguar Financial Corporation
416-201-1206
About Jaguar Financial Corporation
Jaguar Financial is a Canadian merchant bank generally investing in companies Jaguar Financial determines to be undervalued, overlooked and underappreciated. The investments made are usually event-driven, for example, where an investment is made in a company that is the subject of a takeover bid or where some other change is initiated by a third party or a shareholder of the subject company. Jaguar Financial's objective is to assist management of the undervalued company to create value that the market is missing.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59305