Press release from CNW Group
Jovian Announces Acquisition of 100% of Leon Frazer & Associates Inc.
Wednesday, February 06, 2013
Jovian Announces Acquisition of 100% of Leon Frazer & Associates Inc.07:30 EST Wednesday, February 06, 2013TORONTO, Feb. 6, 2013 /CNW/ -Jovian Capital Corporation ("Jovian") (TSX: JOV) is pleased to announce that it has, through subsidiary Jovian Asset Management Inc., acquired all remaining outstanding voting shares of subsidiary Leon Frazer & Associates Inc. ("Leon Frazer"). Total consideration paid for these shares was approximately $3.5 million, pursuant to the stipulated calculations set out in the Unanimous Shareholders Agreement of Leon Frazer in place at the time of Jovian's purchase of a controlling interest in Leon Frazer in 2004. These additional shares represented approximately 16% of Leon Frazer's total issued and outstanding voting shares. Leon Frazer is now an indirect wholly-owned subsidiary of Jovian.Jovian is also in the process of revamping Leon Frazer's senior management incentive compensation. To that end, Leon Frazer is creating non-voting shares that will be issued to certain key senior employees as part of their incentive compensation to attract, retain and closer align their interests with that of Leon Frazer. It is expected that the non-voting shares will be issued prior to Leon Frazer's fiscal year end of March 31, 2013.Founded in 1939, Leon Frazer is one of Canada's oldest investment counselors. Providing investment management services to high net worth individuals, institutions, trusts and foundations, Leon Frazer & Associates has earned a reputation over the past 70+ years as one of Canada's pre-eminent equity managers. Leon Frazer manages approximately $2.1 billion in client assets.About Jovian Capital CorporationJovian acquires, creates and grows financial services companies specializing in two primary market segments: wealth management and asset management. 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 Fit Private Investment Counsel Inc.) oversees approximately $6.7 billion of client assets ($5.2 billion in client assets managed or advised and $1.5 billion in assets under administration). Additional information is available at www.joviancapital.com and www.sedar.com.SOURCE: Jovian Capital CorporationFor further information: Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744; or Philip Armstrong, C.E.O., Jovian Capital Corporation, (416) 933-5752.