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MAXR

Maxar Technologies

$6.87

0.15 (2.23%)

07:13
05/13/19
05/13
07:13
05/13/19
07:13

Maxar Technologies adopts tax benefit preservation plan for net operating losses

Maxar Technologies announced that its Board of Directors has adopted a tax benefit preservation plan to help preserve the value of its net operating losses and other tax attributes. As of December 31, 2018, Maxar had estimated its cumulative U.S. federal net operating loss carryforwards and federal R&D tax credit carryforwards to be approximately $890M and $77M, respectively, which can be utilized in certain circumstances to reduce future U.S. corporate income tax liabilities. The tax benefit preservation plan was adopted to protect an important Maxar asset that may have meaningful value to all Maxar stockholders. These tax benefits can include the offset of tax liability arising from future taxable earnings or gains. The value of these tax benefits would be substantially limited if Maxar were to experience an "ownership change" as defined under Section 382 of the Internal Revenue Code. In general, an ownership change would occur if stockholders that own at least five percent or more of the outstanding Maxar common stock increased their cumulative ownership in Maxar by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. The tax benefit preservation plan reduces the likelihood that changes in the Maxar investor base would limit future use of its tax benefits, which would significantly impair the value of the benefits to all stockholders. Maxar believes that no ownership change as defined in Section 382 has occurred as of the date of this press release. The Board of Directors adopted the tax benefit preservation plan after considering, among other matters, the estimated value of the tax benefits, the potential for diminution upon an ownership change and the risk of an ownership change occurring. As part of the plan, the Maxar Board of Directors declared a dividend of one preferred stock purchase right, which are referred to as "rights," for each outstanding share of Maxar common stock. The dividend will be payable to holders of record as of the close of business on May 28, 2019. Any shares of Maxar common stock issued after the record date will be issued together with the rights. The rights will be exercisable if a person or group, without the approval of the Maxar Board, acquires, or obtains the right to acquire, beneficial ownership of 4.9 percent or more of Maxar common stock. The rights also will be exercisable if a person or group that already beneficially owns 4.9 percent or more of the Maxar common stock, without Board approval, acquires additional shares. Existing Maxar stockholders that, as of May 13, 2019 beneficially own in excess of 4.9 percent of the common stock will be "grandfathered in" at their current ownership level. If the rights become exercisable, all holders of rights, other than the person or group triggering the rights, will be entitled to purchase Maxar common stock at a 50 percent discount. Rights held by the person or group triggering the rights will become void and will not be exercisable. The Company anticipates holding a special meeting of the stockholders to approve the plan.

MAXR Maxar Technologies
$6.87

0.15 (2.23%)

03/01/19
03/01/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. L Brands (LB) downgraded to Market Perform from Outperform at Bernstein with analyst Jamie Merriman saying her Outperform rating was based on a view that investors were paying for Bath & Body Works with a free option on Victoria's Secret. 2. American Airlines (AAL) and Delta Air Lines (DAL) downgraded to Hold from Buy at Deutsche Bank. 3. Devon Energy (DVN) downgraded to Sector Perform from Outperform at RBC Capital. 4. O'Reilly Automotive (ORLY) downgraded to Neutral from Overweight at Atlantic Equities with analyst Sam Hudson citing valuation and raised his price target to $400 from $370. 5. Maxar Technologies (MAXR) downgraded to Hold from Speculative Buy at TD Securities and to Underperformer from Neutral at CIBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/01/19
03/01/19
DOWNGRADE
Target $9

Hold
Maxar Technologies downgraded to Hold at TD Securities after disappointing Q4
As previously reported, TD Securities analyst Tim James downgraded Maxar Technologies to Hold from Speculative Buy and lowered his price target to $9 from $18.50 after its below-consensus Q4 results. The analyst says his previous constructive thesis attributing the company's weakness to the divestable GEO comsat business was incorrect as the company indicated it will continue to operate it at a loss. James added that the EBITDA of Maxar's Services and Imagery segment was also soft and recommends that investors await for evidence of improvement before considering buying shares again.
03/01/19
TDSI
03/01/19
DOWNGRADE
TDSI
Hold
Maxar Technologies downgraded to Hold from Speculative Buy at TD Securities
03/01/19
CIBC
03/01/19
DOWNGRADE
CIBC
Underperformer
Maxar Technologies downgraded to Underperformer from Neutral at CIBC

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