(KXM is an illiquid Canadian stock with a market cap of $26M.)
Kingsway Financial’s plan:
- Buy back shares because this company trades below NAV- roughly seventy cents a share in NAV trading at 50-55 cents currently.
- Cut director’s salaries to $10k/person.
- Not issue options below intrinsic value. On August 19, 2015 Kobex issued options at $0.55/share.
The incumbents’ plan:
- Waste shareholder money entrenching themselves against Kingsway Financial.