Kingsway closes down PO on poor value

Kingsway Financial Services Inc. (TSE: KFS) has withdrawn a $75 million public share offering announced in early June.

The company’s CEO Bill Star says the decision to terminate the offering was made primarily in response to the under-performing value of the share price subsequent to the June PO announcement. “Since announcing the transaction, the shares have been trading at a level which we believe is below their intrinsic value. In view of the extremely strong growth opportunities in our core markets, we will continue to evaluate our capital position, which we recently strengthened by entering into an unsecured $66.5 million credit facility.”