Kingsway Financial grants exemption from tax benefit preservation plan

theflyonthewall.com

Kingsway Financial Services announced that its Board of Directors received and granted an exemption request under its tax benefit preservation plan to Joseph Stilwell, a member of the Board. The Plan was implemented September 28, 2010 to protect the value of the company's net operating losses accumulated in the company's United States subsidiaries. While the Plan is designed to penalize the economic interests of any person or group which acquires 5% or more of the company's outstanding common shares without approval of the Board, it also provides a limited grandfathering provision for existing 5% plus shareholders of the company.

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