Kingsway Linked Return of Capital Trust Announces Change of Auditor
TORONTO, Sept. 20, 2013 /CNW/ - Kingsway Linked Return of Capital Trust (the "Trust") announced today that it has engaged PricewaterhouseCoopers LLP (the "Successor Auditor") as the Trust's new auditors effective September 16, 2013. PricewaterhouseCoopers LLP will audit the Trust's financial statements for the year ended December 31, 2013. The Trust had previously engaged KPMG LLP (the "Former Auditor") as its auditor.
The change follows a request for proposal initiated by Scotia Managed Companies Administration Inc. (the "Administrator") in late 2012 for all of the investment funds managed by the Administrator. Previously, several audit firms were engaged for the investment funds (the "Funds") managed by the Administrator. Changing and consolidating audit firms is expected to result in cost efficiencies for the Trust.
There were no disagreements with the Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure for the period that their auditing services were provided.
The Former Auditor audited the annual financial statements of the Trust for the most recently completed fiscal year. Their audit report did not contain any reservations and did not provide a modified opinion. There were also no reportable events between the Trust and the Former Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.
The resignation of the Former Auditor and the recommendation to appoint the Successor Auditor was approved by the Audit Committee and the Board of Trustees of the Trust.
The Trust has been created to provide holders with exposure to a senior note issued by an affiliate of Kingsway Financial Services Inc. Holders of the LROC Preferred Units will receive quarterly distributions of $0.3125 per LROC Preferred Unit representing a yield of 5.00% per annum on the $25.00 per LROC Preferred Unit offering price.
Units are listed for trading on the TSX under the symbol KSP.UN.
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