Kingsway's Proven Track Record Means Long-Term Value and Liquidity for Kobex Shareholders
- Kingsway's proven track record of success demonstrates its plan for value creation will be implemented at Kobex, including providing shareholders with an option for more fulsome liquidity. - The current Kobex board has generated on average total shareholder returns of -2.9% while Kingsway's nominees, on the same basis, have generated on average total shareholder returns of over 23% year over year. (1) - Over $7.6 million in shareholder value has been eroded while Kobex's current board and management have claimed fees of over $2.4 million from shareholders. - Kingsway's plan implemented by the independent nominees will align the Kobex board with shareholders, create long-term value, and provide the option for liquidity shareholders have been denied.
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/29/15 -- Kingsway Financial Services Inc. ("Kingsway") (TSX: KFS)(NYSE: KFS) reaffirms its commitment to Kobex Capital Corp. ("Kobex") shareholders that its nominees will move forward to implement the Kingsway plan for value creation and liquidity at Kobex.
"We want to thank our fellow Kobex shareholders who are supporting Kingsway's nominees," said Larry Swets, President and Chief Executive Officer of Kingsway. "Shareholders recognize Kingsway's strong track record of creating long-term value for all shareholders in each of the investments we have been part of. It is this proven track record that gives them confidence that Kingsway's independent nominees will be responsive to the concerns Kobex shareholders have shared and will take immediate action to implement a plan to create value and provide the option for more fulsome liquidity they have been denied under the current board."
(1) Calculated based on average Total Shareholder Returns of all Kobex directors and Kingsway nominees. Total Shareholder Return by director represents the total shareholder returns compounded annually over their respective tenures at their respective board or management positions as sourced from Bloomberg as of Sept. 17, 2015.
KINGSWAY'S TRACK RECORD OF SUCCESS: WE MEAN IT, WE DELIVER
The management team at Kingsway and our independent director nominees have a proven track record of value creation for shareholders. Below are a few examples:
Kingsway has made numerous other successful investments which span several industries and demonstrate Kingsway's access to deal flow on both sides of the border providing shareholders with a range of opportunities.
KINGSWAY'S PLAN
Kingsway's plan to upgrade Kobex will mean a long-term strategy with positive, value creating results in the near and medium term. Here's our plan:
"We've heard from shareholders that they want the option for liquidity they have been denied under the current board as soon as possible. Under our plan we will support that more fulsome liquiditys," Swets added.
KINGSWAY'S NOMINEES WILL GET THE JOB DONE
The current board lacks the experience needed to create value for all shareholders and most do not own any shares themselves. In fact, the only director who holds any shares, the current Chairman, Paul van Eden rather than increasing his alignment with shareholders, has been decreasing his alignment with shareholders, selling off over 5 million shares as recently as April 1, 2015 which was most of his controlled position.
While the current Kobex board's expertise is limited to investing in minerals, the Kingsway nominees have the extensive skill set and experience needed to create value across multiple industries and at Kobex. While the incumbent directors have limited M&A experience, Kingsway's nominees collectively have over 40 years of M&A experience, led by Michael Powell who himself has 20 years of expertise.
It is important you vote your BLUE proxy or voting instruction form by 9:00 am (Toronto time) on Friday, November 13, 2015. If you need help voting or want to participate in our $0.65 per share premium tender offer, please call Kingsway's proxy solicitation agent and depositary Kingsdale Shareholder Services at 1-855-683-3113 (North American Toll Free Number) or 1-416-867-2272 (collect outside North America) or email at .
Certain statements contained in this press release constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Kingsway, Kobex, and Kobex's current or future board or management, are intended to identify forward-looking statements. Such statements reflect Kingsway's current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business and regulatory factors, the implementation of specific initiatives proposed by Kingsway and/or the Kingsway nominees, and other factors that are not within the control of Kingsway. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, Kingsway does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and Kingsway undertakes no obligation to publicly update or revise forward-looking statements, other than as required by applicable law.
Contacts:
Shareholders of Kobex:
Hassan Baqar
Kingsway Financial Services Inc.
1.847.700.8064
Media:
Ian Robertson
Kingsdale Shareholder Services
Vice President, Communications
Direct: 416.867.2333; Cell: 647.621.2646
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Unternehmensinformation / Kurzprofil:
Datum: 29.10.2015 - 14:44 Uhr
Sprache: Deutsch
News-ID 430492
Anzahl Zeichen: 7230
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Insurance
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