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Fairfax Financial to run one-year issuer bid for five preferred series
By Susanna Moon
Chicago, Sept. 23 – Fairfax Financial Holdings Ltd. announced a normal course issuer bid for several series of preferred shares that will run from Sept. 26 through Sept. 25, 2015.
Under the bid, the company may purchase up to the following amounts on the Toronto Stock Exchange:
• 999,900 shares of cumulative five-year rate reset preferreds, series C;
• 800,000 shares of cumulative five-year rate reset preferreds, series E;
• 1 million shares of cumulative five-year rate reset preferreds, series G;
• 1.2 million shares of cumulative five-year rate reset preferreds, series I; and
• 950,000 shares of cumulative five-year rate reset preferreds, series K.
The purchase amount represents about 10% of the public float for each series of preferreds, according to a company press release.
As of Sept. 22, Fairfax had outstanding 10 million series C shares, 8 million series E shares, 10 million series G shares, 12 million series I shares and 9.5 million series K shares.
Fairfax may purchase up to 2,894 series C shares, 1,827 series E shares, 2,067 series G shares, 2,356 series I shares and 1,816 series K shares on the Toronto stock exchange during any trading day, each of which represents 25% of the average daily trading volume on the exchange calculated under the rules of the exchange.
The limitation does not apply to purchases made under the block purchase exemptions, the release noted.
Toronto-based Fairfax Financial is a financial services holding company that owns property and casualty insurance and reinsurance and investment management subsidiaries.
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