Kingsway Financial Now Owns 14.95% of Kobex Capital
- Kingsway acquires 37,965 Kobex shares deposited to the Kingsway tender offer and now owns or controls 6,799,465 shares or 14.95% of Kobex - While over 1,500,000 or 3.32% of issued and outstanding shares were deposited by Kobex shareholders, the oppressive poison pill put in place by the entrenched Kobex board restricts Kingsway's immediate ability to provide shareholders with liquidity
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/03/15 -- Kingsway Financial Services Inc. (TSX: KFS)(NYSE: KFS) ("Kingsway") announces it has pro-rated using a factor of 0.02511 per share tendered and has taken up 37,965 common shares of Kobex Capital Corp. ("Kobex") that were validly deposited to its C$0.65 18% premium offer at the time the offer expired at 5:00 p.m. yesterday and will pay for such shares within three business days.
"Based on the response to our offer it is clear Kobex shareholders are demanding the liquidity they have been denied by the current board," said Larry Swets, President and Chief Executive Officer of Kingsway. "It is unfortunate that the current board chose to entrench itself by putting in place an oppressive poison pill that only allows us to take up an extremely limited number of shares. Kobex shareholders should know, as Kingsway's strong track record of value creation has shown, our nominees can be counted on to take immediate action to implement a plan to create value and provide the option for more fulsome liquidity."
As outlined in greater detail at , Kingsway supports a plan to provide shareholders with an option for liquidity by initiating a share repurchase program - a program that Kingsway will not participate in, contrary to the assertions of Kobex. Once the Kobex board is replaced, Kingsway's independent director nominees, acting in accordance with their fiduciary duties to Kobex, plan to provide shareholders with an option for more fulsome liquidity at a C$0.65 18% premium.
Proxy Revocation: Shareholders who wish to immediately revoke the proxies associated with any of their Kobex shares not taken up by Kingsway under the premium tender offer should call 1-855-683-3113.
ABOUT KINGSWAY FINANCIAL SERVICES INC.
Kingsway is a holding company functioning as a merchant bank with a focus on long-term value-creation. Kingsway owns or controls stakes in several insurance industry assets and utilizes its subsidiaries, 1347 Advisors LLC and 1347 Capital LLC, to pursue opportunities acting as an advisor, an investor and a financier. The common shares of Kingsway are listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol "KFS".
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: 03.11.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 431352
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Insurance
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