July 7 news
Jaguar Financial share sale by Alboini closes
2020-07-07 19:59 ET - News Release
Mr. Perry Rapagna reports
JAGUAR FINANCIAL ANNOUNCES CLOSING OF SHARE SALE AND RELATED BOARD AND MANAGEMENT CHANGES
Jaguar Financial Corp. has closed various transactions initially disclosed in its press release of July 3, 2020. Under the terms of a share purchase agreement, Victor Alboini, his holding company and certain members of his family sold or optioned all of their respective common shares in the capital of Jaguar Financial to a group of purchasers who are arm's length to the sellers and to one another. In addition, each of the conditions to closing of the share purchase agreement has now been satisfied, including the following:
- Mr. Alboini (chairman and chief executive officer), 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 service 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 purchasers have provided Jaguar Financial with a loan to finance its obligations under the transitional service agreement, which loan has been documented by promissory notes issued by Jaguar Financial in favour of the purchasers.
About Jaguar Financial Corp.
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.
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