Brief: Sito Mobile adopts tax benefits preservation plan

Sito Mobile

03/04/2017 22:46

April 3 (Reuters) - Sito Mobile Ltd  SITO.O :  
    * Sito mobile adopts tax benefits preservation plan to 
protect tax assets 
    * Sito Mobile Ltd - as of Dec. 31, 2016, Sito Mobile had 
approximately $40 million of (gross pre-tax) federal net 
operating loss carryforwards or nols 
    * Sito Mobile Ltd- plan intended to reduce likelihood of 
unintended "ownership change" occurring through buying and 
selling of co's common stock 
    * Sito Mobile - co will distribute to stockholders one 
preferred stock purchase right for each common share held as of 
close of business on April 14 
    * Sito Mobile Ltd- preferred stock purchase rights and tax 
benefits preservation plan will expire no later than April 3, 
2020 
    * Sito Mobile Ltd- issuance of preferred stock purchase 
rights under tax benefits preservation plan will not affect co's 
reported earnings per share 
    * Sito Mobile -plan intended to act as deterrent to anyone 
acquiring beneficial ownership of 4.99pct or more of co's common 
stock without approval of board 
 
Source text for Eikon:  ID:nGNXNSHKCa  
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