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Kingsway Financial Services Inc's Kingsway America Inc Announces Sale Of 2,625,000 Shares Of Its Atlas Financial Holdings Inc


Tuesday, 12 Feb 2013 12:34pm EST 

Kingsway Financial Services Inc announced that it has executed an underwriting agreement to sell 2,625,000 shares of the common stock of Atlas Financial Holdings, Inc. (Atlas) held by its downstream holding company, Kingsway America Inc. The shares are being offered as part of Atlas' United States initial public offering at a price per share of $5.85. Net of transaction expenses, Kingsway expects to receive approximately $13.8 million of proceeds from the sale and report a loss on the transaction of approximately $3.7 million. Following the transaction, Kingsway retains 1,262,471 shares of Atlas common stock and $18.0 million of Atlas preferred shares. As of December 31, 2012, Kingsway also has accrued preferred dividends receivable from Atlas of $1.7 million. References to share price and number of common shares reflect Atlas' previously announced share consolidation. 

Company Quote

5.65
0.05 +0.89%
22 Dec 2014