Stock in Jovian Capital Corp. (TSX:JOV) soared more than 13$ Friday after the company announced plans for a special $4 per share cash distribution.
Shares of Jovian, which had been halted prior to the announcement, shot up $1.55 to $13.46 in after afternoon trading on the Toronto Stock Exchange.
“To effect the distribution as a return of capital, shareholders of Jovian will be required to approve a reduction in Jovian’s stated capital,” the company said in a release.
Details are to be included in a management information circular that will be delivered to shareholders in connection with a special meeting expected in April.
Jovian Capital operates in two primary market segments: wealth management and traditional asset managers. It currently manages about $6.3 billion of client assets $4.9 billion in assets under management and $1.4 billion in assets under administration.