Fri, Aug. 26, 2:01 PM
- BlackBerry (NASDAQ:BBRY) says it's redeeming existing convertible debentures and issuing new ones in a refinancing.
- It's amended the indenture governing 6% unsecured convertible debentures to allow a redemption before Nov. 13; it plans to redeem the outstanding principal (about $1.245B) at 106.7213% of principal.
- Holders of those debentures are still entitle to convert into shares at $10/share anytime prior to Sept. 1.
- Also, Fairfax Financial (OTCPK:FRFHF) and others will subscribe for 3.75% unsecured convertible debentures for $605M in aggregate. Those debentures will also be convertible at $10/share and that transaction should wrap on Sept. 2.
- If the entire $605M were converted, the shares issued would make up 11.57% of outstanding common shares. They're not redeemable prior to maturity and aren't due until Nov. 13, 2020.
- Shares were halted just a bit ago, raising investor chatter about what that could mean on a Friday afternoon if not abandoning an unprofitable hardware business.
- Shares will resume trading at 2:30 p.m. ET.
- Updated 2:47 p.m.: After resuming trading, shares are down 0.1% on the day.
Thu, Jul. 28, 5:19 PM
Thu, Apr. 28, 5:41 PM
Fri, Feb. 19, 7:53 AM
- Fairfax Financial (OTCPK:FRFHF): Q4 EPS of $4.10 misses by $1.39.
- Revenue of $2.45B (+18.4% Y/Y)
Oct. 26, 2015, 10:54 AM
- APR Energy (OTCPK:APRYF) agrees to be acquired by a consortium that includes its largest shareholder, Fairfax Financial Holdings (OTCPK:FRFHF), in a deal valuing the power plant supplier at ~£165M ($253M).
- APR says GE, which owns ~16.4% of the company's issued share capital through a subsidiary, has agreed to the offer, as have APR's directors.
- APR shares have jumped ~88% since Oct. 2, the last trading day before APR said it was in talks with the consortium.
Oct. 5, 2015, 10:45 AM
- Power systems builder APR Energy (OTCPK:APRYF) is up more than 70% in London after saying it is in talks to be bought out by a consortium led by Fairfax Financial Holdings (OTCPK:FRFHF).
- Fairfax already held an 18.3% stake in APR as of March 18; other members of the consortium include ACON Investments and Albright Capital Management.
- APR's focus on emerging markets has left it exposed to conflict and political tension, and in the past year has suspended contracts in Libya and Yemen due to fighting there.
Mar. 30, 2015, 2:49 PM
- Prem Watsa's Fairfax Financial (OTCQB:FRFHF) - along with Wilbur Ross - stepped into Bank of Ireland (IRE, OTCPK:IREBY) when it was teetering on failure in 2011, and has hired Deutsche to place 935M shares, which would whittle its stake in half to 2.9% of the lender.
- Fairfax will be selling the stock for almost four times what it paid.
- Ross and Fairfax sold about 2B shares in the bank about a year ago, and Ross exited his stake completely in June.
Feb. 17, 2015, 2:19 AM
- Fairfax Financial (OTCQB:FRFHF) said it has struck a deal to acquire U.K. specialty insurer Brit PLC for $1.88B, and has secured irrevocable agreements to acquire about 73% of Brit’s outstanding float.
- Under the terms of the deal, Fairfax is offering 305 pence in cash per Brit share — an 11.2% premium over the stock’s Monday closing price.
- FRFHF -0.2% AH
Mar. 4, 2014, 1:07 PM
- Wilbur Ross and Fairfax Financial (FRFHF) paid about €0.10 per share when they acquired about an 18% stake in Bank of Ireland (IRE -6.6%) in 2011 to help prevent the lender's nationalization. Not unexpected given strong demand for the stock, today's sale whittles their holdings down to about 12%. The two have more than tripled their money with the investment.
- The Irish government continues to hold a 14% stake in the bank and there will no doubt be heightened interest in an offering of these shares.
Nov. 4, 2013, 5:00 AM
- Fairfax Financial Holdings (FRFHF) has until 5 pm today to firm up the preliminary $4.7B bid for BlackBerry (BBRY) that the Toronto-based firm made six weeks ago.
- The deadline comes amid reports that Fairfax, which is BlackBerry's largest shareholder with a 9.9% stake, has struggled to secure financing for the deal, while it is also yet to name partners.
- Other bids could come in by the deadline, although it could be extended. Those who are reportedly interested in the beleaguered cell-phone maker include a group that could eventually be comprised of the company's founders, Qualcomm (QCOM) and Cerberus.
Sep. 10, 2013, 8:21 AM
- Fairfax Financial (FRFHF.PK) is having a tough sell as it courts Canada's pension funds to join it in a buyout of BlackBerry (BBRY), reports The Globe and Mail. "Sources say none of the big funds have jumped on board with the idea, amid growing skepticism about the company’s ability to turn around falling sales."
- Farifax itself is debating whether to buy the entire company or unload its 9.9% stake, and would prefer finding another tech industry player to buy BlackBerry, say sources, but "the company’s loss of market share to bigger and more nimble competitors such as Apple has dampened potential acquisition interest."
- BBRY -3.1% premarket.
Aug. 19, 2013, 3:36 PM
- Prem Watsa's Fairfax Financial Holdings (FRFHF.PK +0.6%) agrees to sell American Safety Reinsurance to Catalina Holdings Bermuda for undisclosed terms.
- Fairfax is getting the reinsurance unit as part of its purchase of American Safety Insurance. Catalina had also bid for the company, but has agreed to vote its shares for Fairfax as part of the reinsurance deal.
Aug. 13, 2013, 2:18 AM
- Alberta Investment Management would think about investing in BlackBerry (BBRY) if the company were to go private.
- It's early days," AIMCo CEO Leo De Bever said. "No one has approached us with anything that is baked.
- AIMCo's public interest adds to that of the Canada Pension Plan Investment Board, as well as to a report that Prem Watsa's Fairfax Financial (FRFHF.PK) is is "exploring ways" to take the company private. Watsa resigned from BlackBerry's board after it formed a special committee to explore strategic alternatives, including a sale. Fairfax is BlackBerry's largest shareholder.
- More on BlackBerry
Aug. 12, 2013, 8:22 AM
- Included in the BlackBerry strategic alternative news is Fairfax Financial's (FRFHF.PK) Prem Watsa resigning from the board to avoid a conflict of interest.
- Leading the special committee will be TPG Capital Senior Partner Timothy Dattels.
- The combination suggests some sort of going-private bid by Fairfax, perhaps partnering with the Canadian Pension Plan.
- BBRY is set to resume trading at 8:30 ET.
Jul. 23, 2012, 9:07 AM
Canadian investor Prem Watsa doubles down again on what was already a big investment in Research In Motion (RIMM), as a filing shows his Fairfax Financial (FRFHF.PK) goes to 51.9M shares - worth about $351M, a 9.9% stake. Watsa figures RIMM's undervalued and recovery could take three to five years.| Jul. 23, 2012, 9:07 AM | 27 Comments
Jan. 27, 2012, 9:47 AMCanada's Warren Buffett, Prem Watsa of Fairfax Financial (FRFHF.PK), has taken a large stake in troubled Canadian company Research in Motion (RIMM +2.6%). Watsa is known for betting against financial firms (and making billions) ahead of the financial meltdown and taking Fairfax from $4/share in the mid-1980s it to more than $400/share today. (submitted by Devon Shire) | Jan. 27, 2012, 9:47 AM | 4 Comments