Jovian Capital Corp. plans to consolidate its common shares on 20-for-1 basis, the financial services holding company announced Monday. Jovian currently has 167,867,555 common shares issued and outstanding.

“Management and the board believe that a consolidation is in the best interests of Jovian and its shareholders,” said Philip Armstrong, CEO of Jovian, in release.

“It should lead to a more manageable share count, help to cement Jovian’s visibility as a strong financial services company, and support our efforts to raise the investment community’s awareness of Jovian and its portfolio companies.

The consolidation is subject to the approval of the TSX and shareholders of Jovian, which shall be sought at a special meeting of shareholders on March 5.

Jovian’s subsidiary companies include BetaPro, one of the fastest-growing ETFs providers in North America, Leon Frazer, which is celebrating its 70th anniversary as a leading investment firm in Canada, T.E. Wealth, a leading provider of financial planning and investment services to high net worth Canadians, and MGI Wealth, which provides financial solutions to Canadians from coast to coast.

IE