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Kingsway Financial Services Inc. Board of Directors Authorizes Share Repurchase Plan

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
buyback management
Rhea-AI Summary

On March 21, 2023, Kingsway Financial Services Inc. (KFS) announced a new share repurchase program, authorizing the buyback of up to $10 million worth of its common stock within the next year. The repurchases can occur through open-market transactions or private negotiations, and are subject to various factors including market conditions and trading volume. Additionally, Kingsway plans to implement a trading plan with Raymond James to facilitate these repurchases, which may positively influence shareholder value by reducing the number of shares outstanding.

Positive
  • Share repurchase program of $10 million may enhance shareholder value.
  • Intent to utilize a trading plan with Raymond James could streamline the repurchase process.
  • Temporary reduction in shares outstanding could increase EPS.
Negative
  • None.

CHICAGO, March 21, 2023 /PRNewswire/ - (NYSE: KFS)   Kingsway Financial Services Inc. ("Kingsway" or the "Company") today announced that its Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $10 million of its common stock. The share repurchase program will have a one year term. 

Shares may be repurchased in open-market transactions or privately negotiated transactions executed in compliance with applicable federal and state securities laws.  The timing of the repurchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. 

The Company intends to enter into a trading plan with Raymond James, to be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Exchange Act, to facilitate such share repurchases.

About the Company

Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty and business services industries. The common shares of Kingsway are listed on the New York Stock Exchange under the trading symbol "KFS."

The Company serves the extended warranty industry through its operating subsidiaries IWS iwsgroup.com ), Penn Warranty pennwarranty.com ), Preferred Warranties preferredwarranties.com ) and Trinity Warranty Solutions trinitywarranty.com ).

The Company serves the business services industry through its operating subsidiaries CSuite csuitefinancialpartners.com ), Ravix ravixgroup.com ) and Secure Nursing Service securenursing.com ).

For more information, visit www.kingsway-financial.com.

Contact
Hayden IR
James Carbonara
(646)-755-7412
james@haydenir.com

OR

Kingsway Financial Services Inc.
Kent Hansen, CFO
312-766-2163
khansen@kingsway-financial.com

Cision View original content:https://www.prnewswire.com/news-releases/kingsway-financial-services-inc-board-of-directors-authorizes-share-repurchase-plan-301777979.html

SOURCE Kingsway Financial Services Inc.

FAQ

What is Kingsway Financial Services' share repurchase program amount?

Kingsway Financial Services has authorized a share repurchase program of up to $10 million.

How long will the share repurchase program last for Kingsway Financial Services?

The share repurchase program will be in effect for one year.

Who is facilitating Kingsway's share repurchase program?

Kingsway plans to enter into a trading plan with Raymond James to facilitate the share repurchases.

How might the share repurchase program affect KFS stock price?

The share repurchase program may support KFS stock price by reducing the number of shares outstanding, potentially enhancing EPS.

Kingsway Financial Services, Inc.

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1.49%
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United States of America
CHICAGO