buyback program has 2 weeks letfLincoln not material to KFS??
This disposition will also assist Kingsway in continuing to meet its regulatory and contractual
obligations in respect of Lincoln General. These obligations include the payment to Lincoln General
pursuant to a US$10 million surplus note facility agreement; continued compliance with a run-off
management agreement, including certain continued support to the run-off management team at Lincoln
General; and continuing guarantee and reinsurance obligations to inter-Company and third party insurance
providers in respect of certain Lincoln General obligations. Other than the surplus note facility,
quantification of the remaining Lincoln General obligations on Kingsway has not been completed but does
not appear to be material to Kingsway at this time
Buyback program has another 2 weeks left.
Kingsway Financial Services Inc. Announces Amendment to Normal Course Issuer Bid
TORONTO, July 29, 2009 – Kingsway Financial Services Inc. ("Kingsway") announced today an amendment to its normal course issuer bid for common shares. The normal course issuer bid was originally announced by Kingsway on November 28, 2008. Purchases under the normal course issuer bid from December 2, 2008 to December 1, 2009 were limited to 2,753,426 common shares (or approximately 5% of the aggregate number of common shares outstanding on November 15, 2008). In connection with its $40 million capital initiative announced in May 2009, Kingsway requested that the Toronto Stock Exchange (“TSX”) accept a revision to the maximum number of common shares that can be purchased under the normal course issuer bid to 5,386,545 common shares, or 10% of the public float on November 28, 2008. The TSX has today approved Kingsway’s request.
As at July 29, 2009, there were 55,068,528 common shares issued and outstanding. To date, no common shares have been purchased under the normal course issuer bid that began on December 2, 2008. Purchases under the normal course issuer bid will terminate on December 1, 2009.
old news release....what the ? ...looks like they had submitted the plan for approval before
LINCOLN GENERAL INSURANCE COMPANY RUN-OFF PLAN APPROVED
Toronto, Ontario (May 29, 2009) – (TSX:KFS, NYSE:KFS) Kingsway Financial Services Inc. (“Kingsway”) announces that the Pennsylvania Insurance Department (the “Department”) has completed its review of a proposed RBC plan (the “Plan”) filed by Lincoln General Insurance Company (“Lincoln General”). The Department has determined that Lincoln General’s Plan is satisfactory and may be implemented immediately.
As previously announced, Lincoln General submitted its Plan to the Department on May 7, 2009. Lincoln General is a subsidiary of Kingsway