90 milllion cash infusion for Jovian!And the current market cap is only 64 million.
Say the balance of the company is worth 30 million; and you have a 120 million company.
makes the shares worth around $14 - 10.50 in cash per share in the company.
Jul. 4, 2011 (Canada NewsWire Group) --
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
, 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 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.