2013-02-13 00:37:02 -
TULSA, OKLAHOMA -- (Marketwire) -- 02/12/13 -- Magnolia Capital Partners, LLC ("Magnolia") today acquired 460,000 ordinary shares ("Ordinary Shares") in the capital of Atlas Financial Holdings, Inc. (TSX VENTURE:AFH)(NASDAQ:AFH) ("Atlas") at a price of US$5.85 per Ordinary Share pursuant to an underwritten public offering (the "Acquisition").
As a result of a reverse stock split of the Ordinary Shares effective on January 29, 2013, every 3 of Atlas' issued and outstanding Ordinary Shares were automatically combined into one Ordinary Share. Accordingly, Magnolia's holdings of 1,621,721 Ordinary Shares were consolidated into 540,573 Ordinary Shares.
Nadel and Gussman Combined Funds, LLC is the sole member of Magnolia and a joint actor of Magnolia in the circumstances. Mr. James F. Adelson ("Adelson") and Mr. Stephen J. Heyman ("Heyman") serve as the managers to Magnolia, in that capacity exercise control and direction over the Ordinary Shares and are also joint actors of Magnolia in the circumstances.
As a result of the Acquisition, Magnolia acquired beneficial ownership of and Messrs. Adelson and Heyman exercise control and direction over an additional 460,000 Ordinary Shares, which, together with 540,573 Ordinary Shares already held by Magnolia (1,000,573 Ordinary Shares, in the aggregate), represent approximately 13.09% of the 7,644,390 Ordinary Shares issued and outstanding as provided by Atlas and its underwriters.
The Ordinary Shares were acquired by Magnolia for investment purposes. Magnolia's holdings will be reviewed from time to time by Messrs. Adelson and Heyman and may be increased or decreased as future circumstances may dictate.
Magnolia Capital Partners, LLC
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