TORONTO, Sept. 18, 2013 /CNW/ - (TSX: KFS, NYSE: KFS) Kingsway Financial
Services Inc. (the "Company") announced today, on behalf of the
directors of the Company, Joseph Stilwell, Terence Kavanagh, Gregory
Hannon and Larry G. Swets, Jr. (collectively, the "Directors"), that as
a result of the exercise of rights under the Company's rights offering
completed on September 16, 2013, the Directors have acquired control
over common shares and warrants of the Company in the following
amounts:
Joseph Stilwell
|
626,203 common shares, 626,203 Series A warrants and 626,203 Series B
warrants, representing approximately 19.1% of each of the total
outstanding Series A and Series B warrants
|
Terence Kavanagh and Gregory Hannon, jointly1 |
381,250 common shares, 381,250 Series A warrants and 381,250 Series B
warrants, representing approximately 11.6% of each of the total
outstanding Series A and Series B warrants
|
Larry G. Swets, Jr.
|
182,536 common shares, 182,536 Series A warrants and 182,536 Series B
warrants, representing approximately 5.6% of each of the total
outstanding Series A and Series B warrants
|
The Series A warrants and the Series B warrants will not become
exercisable until September 16, 2016. As a result, the common shares
underlying those warrants cannot be acquired until after such time.
As a result of the exercise of rights, the Directors now own the
following common shares:
Joseph Stilwell
|
3,171,015 common shares, representing approximately 19.3% of the total
outstanding shares
|
Terence Kavanagh and Gregory Hannon, jointly1 |
1,456,250 common shares, representing approximately 8.9% of the total
outstanding shares
|
Terence Kavanagh
|
34,750 common shares, representing approximately 0.2% of the total
outstanding shares
|
Gregory Hannon
|
34,000 common shares, representing approximately 0.2% of the total
outstanding shares
|
Larry G. Swets, Jr.
|
476,061 common shares, representing approximately 2.9% of the total
outstanding shares
|
The common shares and warrants were purchased pursuant to the rights
offering at US$4.00 per unit (each unit being one common share, one
Series A warrant and one Series B warrant) for investment purposes.
For more information, or to obtain a copy of the early warning reports
filed with the Canadian securities regulatory authorities on behalf of
each of Messrs. Stilwell, Kavanagh and Hannon in connection with the
acquisitions noted in this news release please contact Ann Brooks at
the Company at 847-871-6408.
______________________________
1 The securities were acquired through Oakmont Capital Inc., a company
controlled by Messrs. Kavanagh and Hannon.
About the Company
Kingsway is a holding company functioning as a merchant bank with a
focus on long-term value-creation. The Company 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."
SOURCE Kingsway Financial Services Inc.
