Fairfax Financial Holdings Limited: Intention to Make a Normal Course Issuer Bid
September 24 2013 - 8:30AM
Marketwired
Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U)
announces that it intends to make a Normal Course Issuer Bid,
subject to regulatory approval, for up to 800,000 of its
subordinate voting shares through the facilities of the Toronto
Stock Exchange (the "TSX"). Purchases will be made in accordance
with the rules and policies of the TSX and subordinate voting
shares purchased will be cancelled. As at September 23, 2013,
Fairfax had 19,865,653 outstanding subordinate voting shares and
the maximum number of subordinate voting shares to be purchased
under the bid represents approximately 5% of the public float of
16,736,488 subordinate voting shares of Fairfax. The average daily
trading volume of the subordinate voting shares of Fairfax on the
TSX for the six months ended August 31, 2013, calculated in
accordance with the rules of the TSX for the purposes of the bid,
is 21,105 subordinate voting shares. In accordance with the rules
of the TSX, 25% of that average daily trading volume (5,276)
represents Fairfax's daily limit (excluding permitted block
purchases) for purchases under the bid made through the facilities
of the TSX. This bid will commence September 26, 2013 and may
extend until September 25, 2014.
From time to time, when Fairfax does not possess material
nonpublic information about itself or its securities, it may, in
accordance with the requirements of applicable securities laws and
the TSX, enter into a pre-defined plan with its broker to allow for
the purchase of its subordinate voting shares under the bid at
times when it ordinarily would not be active in the market due to
its own internal trading blackout periods.
Fairfax is making this Normal Course Issuer Bid because it
believes that in appropriate circumstances its subordinate voting
shares represent an attractive investment opportunity and that,
consequently, purchases under the bid will enhance the value of the
subordinate voting shares held by the remaining shareholders.
Fairfax has purchased 116,391 of its subordinate voting shares
during the last twelve months at a weighted average price per
subordinate voting share of Cdn. $370.15.
Fairfax Financial Holdings Limited is a financial services
holding company which, through its subsidiaries, is engaged in
property and casualty insurance and reinsurance and investment
management.
Contacts: Fairfax Financial Holdings Limited John Varnell Vice
President, Corporate Development (416) 367-4941 (416) 367-4946
(FAX)
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