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February 13, 2013
07:10 EDTBWENBroadwind Energy adopts shareholder rights plan
Broadwind Energy announced that its Board of Directors has adopted a Net Operating Loss Shareholder Rights Plan designed to preserve its substantial tax assets associated with net operating loss carryforwards under Section 382 of the Internal Revenue Code. In general, an ownership change occurs if there is a cumulative change in Broadwind’s ownership by “5% shareholders” that increases by more than 50% over the lowest percentage owned by such shareholders at any time during the prior three years on a rolling basis. The company noted that the Rights Plan is designed to serve the interests of all shareholders by helping to protect the company’s ability to use its deferred tax assets to offset future tax liabilities and is similar to plans adopted by many other public companies with significant tax attributes. In connection with the adoption of the Rights Plan, the Board of Directors has declared a non-taxable dividend of one preferred share purchase right for each outstanding share of Broadwind common stock to the company’s shareholders of record as of the close of business on February 22.
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