Jovian Capital Corporation (TSX:JOV) announced on Tuesday that the company’s shareholders have approved a cash distribution of $4.00 per share.
At a special meeting held on Monday, 99.99% of shareholders voted in favour of the special resolution to reduce Jovian’s capital through a cash distribution.
The special distribution is derived from proceeds of two recent transactions by Jovian: the sale of MGI Financial Inc. in October, and the sale of the Horizons ETFs business in November.
The record date for the special distribution has been set at May 4, 2012, and the payment is scheduled for May 11, 2012.
Jovian has a mandate of acquiring, creating and growing financial services companies in two primary market segments: wealth management and traditional asset managers. Its group of companies includes MGI Securities Inc., MGI Securities (USA) Inc., T.E. Wealth, Leon Frazer & Associates Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc. and JovPortfolio Management Inc.