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BRIEF-Sito Mobile adopts tax benefits preservation plan
April 3, 2017 / 10:01 PM / 8 months ago

BRIEF-Sito Mobile adopts tax benefits preservation plan

April 3 (Reuters) - Sito Mobile Ltd:

* 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: Further company coverage:

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