WALNUT CREEK, Calif.,
Feb. 18, 2011 /PRNewswire/ -- The PMI
Group, Inc. (NYSE: PMI) today announced that its Board of Directors
has adopted an Amended and Restated Tax Benefits Preservation Plan,
between The PMI Group and American Stock Transfer & Trust
Company, LLC, as rights agent, which amends and restates The PMI
Group's original Tax Benefits Preservation Plan entered into
between The PMI Group and the rights agent on August 12, 2010.
The amendments:
- extend the final expiration date from August 11, 2011 under the original plan to
February 16, 2014 under the amended
plan;
- provide that the amended plan will expire if The PMI Group's
Board of Directors determines that a limitation on the use of tax
benefits under Section 382 of the Internal Revenue Code would no
longer be material to The PMI Group;
- provide that the amended plan will expire on August 11, 2011 if stockholder approval of the
amended plan has not been received before such time; and
- provide that The PMI Group's Board of Directors will consider
at least annually whether to permit the amended plan to
expire.
All of the other terms of the amended plan remain the same as
the original plan. The amended plan will be submitted to The
PMI Group's stockholders for approval at The PMI Group's 2011
annual meeting.
Additional information regarding the amended plan will be
contained in a Form 8-K and in a Registration Statement on Form
8-A/A that The PMI Group is filing with the Securities and Exchange
Commission.
About The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA, provides innovative credit,
capital, and risk transfer solutions that expand homeownership and
fund essential services for our customers and the communities they
serve. Through its wholly owned subsidiaries, PMI offers
residential mortgage insurance and credit enhancement products.
For more information: www.pmi-us.com.
Cautionary Statement: Statements in this press release that are
not historical facts, or that relate to future plans, events or
performance are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Readers
are cautioned that forward-looking statements by their nature
involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. Many factors
could cause actual results and developments to differ materially
from those expressed or implied by forward-looking statements. Such
risks and uncertainties are discussed in our SEC filings, including
in Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2009 and our Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2010, June 30,
2010 and September 30, 2010.
The amended plan is designed to deter certain transfers of
our common stock that could result in an "ownership change".
However, the amended plan does not deter all types of
transfers that could result in an ownership change, such as sales
of our common stock, nor does the amended plan prevent transfers of
our common stock. Accordingly, there can be no assurance that the
amended plan will deter or prevent an ownership change. We
undertake no obligation to update forward-looking statements.
SOURCE The PMI Group, Inc.