QUEBEC CITY, Oct. 1, 2013 /CNW Telbec/ - Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") and Jovian Capital Corporation ("Jovian") today announced the completion of the acquisition through a plan of arrangement of all the outstanding common shares ("Jovian Shares") of Jovian at $10.23 per share, for the aggregate consideration of approximately $79 million in cash and the issuance of 295,253 common shares of Industrial Alliance.
Jovian serves the private wealth management market segment through a portfolio of financial services companies that include Leon Frazer & Associates Inc., T.E. Investment Counsel Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc. and IIROC dealer MGI Securities Inc. As of September 30, 2013, Jovian managed and administered assets of almost $7 billion on behalf of its clients.
It is expected that the Jovian Shares will be delisted from the TSX later this week. In addition, Jovian intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each of the jurisdictions in Canada where it is currently reporting.
Forward-looking Statements This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. Forward-looking statements include, but are not limited to, information concerning the delisting of the Jovian Shares and cessation of Jovian's reporting issuer status.Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.