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Shell Summary for July 3, 2020

2020-07-03 20:56 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 5.51 points to 633.02 Friday, ending the week up 34.28 points. NEX shell Jaguar Financial Corp. (JFC) gained seven cents to close at nine cents on a much-higher-than-usual 841,400 shares, after reporting a change in management. Its often-controversial chief executive officer, Vic Alboini, has resigned, but he has agreed to "assist" the incoming CEO, Michael Lerner, for a year.

Mr. Alboini, 72, lives in Toronto and was a securities lawyer long ago. From 1980 to 1986, he was a partner at McCarthy & McCarthy, which is now a part of McCarthy Tetrault LLP. Then from 1988 to 1990, he was the managing partner for mergers and acquisitions at Loewen, Ondaatje, McCutcheon Ltd., an institutional equity firm. He then spent five years running his own investment firm, Stature Inc., before becoming the head of mergers and acquisitions at Yorkton Securities Inc. (from 1995 to 1998).

Mr. Alboini moved on from Yorkton to become the chairman and CEO of his own brokerage, Northern Securities Inc. This firm's 100-per-cent shareholder traded as Northern Financial Corp. From 2000 to 2005, Northern Financial's stock traded between one and 22.5 cents, and then in 2005 it rolled back 1 for 100. Shortly following the rollback, the stock peaked at $2.64, but then it returned to its downward-trending ways, hitting a low of one-half cent in 2014. Mr. Alboini then rolled back the stock 1 for 10 and renamed the public company Added Capital Inc. By the time of the name change, Northern Securities was no longer operating. Added Capital described itself as a financial advisory firm, specializing in mergers and acquisitions. Its stock traded between 1.5 and 20 cents before delisting in May, 2019, at 2.5 cents. Mr. Alboini remained the chairman, president and CEO of Added Capital until it delisted.

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