NEW YORK, Oct. 16, 2012 /CNW/ - Stilwell Value LLC, in its capacity as general partner of Stilwell Associates Insurance Fund of the S.A.L.I. Multi-Series Fund L.P., Stilwell Offshore, Stilwell Value Partners IV, L.P. and Stilwell Associates L.P. (collectively, the Offeror), announced today that it has acquired ownership and control over an aggregate of 289,156 common shares (the shares) of Kingsway Financial Services Inc. (the Company), representing approximately 2% of the total outstanding shares of the Company.
The average price per share purchased by the Offeror prior the consolidation of common shares of the Company effected on July 3, 2012 (the "Issuer Event") was CAD$1.31. The average price per share purchased by the Offeror subsequent to the Issuer Event was CAD$2.36. Both average purchase prices were calculated using the noon exchange rate posted by the Bank of Canada on October 15, 2012.
As a result of the acquisition, the Offeror now owns and/or controls and/or directs an aggregate of 2,473,087 shares, representing approximately 18.8% of the total outstanding shares of the Company.
The Offeror acquired the shares in the ordinary course of business for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as it may deem appropriate. The shares were purchased through the facilities of the New York Stock Exchange and the Toronto Stock Exchange.
Name and address of the Offeror:
Stilwell Value LLC
111 Broadway, 12th Floor
New York, New York
SOURCE: Stilwell Value LLC
For more information, please contact Megan Parisi at 212-269-1551.