Gannett Adopts Shareholder Rights Plan Designed to Protect its Net Operating Loss Carryforwards and other Tax Assets
Gannett Co., Inc. (GCI)
Last gannett co., inc. earnings: 11/4 06:55 am
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Source: Business Wire
MCLEAN, Va.--(BUSINESS WIRE)--Gannett Co., Inc. (“Gannett”, the “Company” or “we”) (NYSE: GCI) announced today that on April 6, 2020, its Board of Directors acted to preserve and protect the Company's valuable income tax net operating loss carryforwards (“NOLs”) and other tax assets through adoption of a shareholder rights plan in the form of a Section 382 Rights Agreement (“Rights Agreement”).Gannett had approximately $435 million of NOLs available as of December 31, 2019, which could be used in certain circumstances to offset Gannett’s future federal taxable income. Gannett’s Rights Agreement is similar to plans adopted by numerous other public companies with significant tax assets.Gannett’s ability to use these tax assets and others which may be generated would be substantially limited if Gannett experienced an "ownership change" as defined under Section 382 of the Internal Revenue Code. In general, an ownership change would occur if Gannett’s shareholders who are deemed to be
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GCI
Sec Filings
- 4/24/24 - Form ARS
- 4/24/24 - Form DEF
- 4/1/24 - Form 4
- GCI's page on the SEC website