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Kingsway shareholders approve tax benefit preservation plan
Kingsway Financial Services Inc. announced that its shareholders approved a tax benefit preservation plan designed to attempt to protect the value of net operating losses (NOLs) accumulated in the Company’s United States subsidiaries.
The Plan is designed to deter acquisitions of common shares that could limit the Company’s ability under US tax laws from using its NOLs to reduce potential US federal income tax liabilities.
Kingsway said its Board of Directors is committed to terminating the plan as soon as the passage of time allows this tax asset to be no longer at risk.
