Stilwell sweetens proposalKingsway Financial investor Stilwell sweetens proposal
2008-12-29 12:30 ET - News Release
Mr. Joseph Stilwell of Stilwell Group reports
THESTILWELL GROUP WILL HOLD CURRENT KINGSWAY FINANCIAL SERVICE INC. (KFS)POSITION FOR AT LEAST THREE YEARS IF IT WINS FEBRUARY 10 ELECTION
The Stilwell Group has disclosed, in anamended Schedule 13D, that it will hold its current Kingsway Financial ServicesInc. position for at least three years if it wins the Feb.10 election. The group has requisitioned a special shareholders meeting toremove the chairman and the chief executive officer from the board of directors and replace themwith its own nominees, Spencer Schneider and Larry Swets.
Joseph Stilwell remarked: "If a majority of the owners of Kingswaysupport our nominees on Feb. 10, we pledge to work aggressively toreduce expenses, to exit non-core lines and to reduce balance sheet risk.Further, if we win, I commit to hold our 9-per-cent stake for at least the next threeyears. I believe that, with an election win, Larry and Spencer will be able toset a tone and direction that will make KFS a very good long-term investmentfor all shareholders."