Fairfax Announces Termination of Total Return Swaps of Ensign Energy Services Inc. and Acquisition of Common Shares
June 11 2024 - 7:50AM
Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U)
announces that on June 10, 2024, it terminated total return swaps
over 7,787,600 common shares (“Common Shares”) of Ensign Energy
Services Inc. (“Ensign”), which had an average reference price of
C$1.3182. Upon the termination of the total return swaps, Fairfax
agreed with the counterparty to purchase 7,787,600 Common Shares at
a price of C$2.34 per Common Share, representing 4.24% of the
outstanding Common Shares.
Prior to the acquisition of the Common Shares,
Fairfax beneficially owned and controlled 21,800,886 of the issued
and outstanding Common Shares, representing approximately 11.86% of
all issued and outstanding Common Shares. Following the acquisition
of the Common Shares, Fairfax beneficially owns and controls
29,588,486 of the issued and outstanding Common Shares,
representing approximately 16.10% of all issued and outstanding
Common Shares and no longer is a party to any swap contracts in
respect of Common Shares.
The Common Shares are being acquired by Fairfax
for investment purposes and, in the future, it may discuss with
management and/or the board of directors any of the transactions
listed in clauses (a) to (k) of item 5 of Form F1 of National
Instrument 62-103 – The Early Warning System and Related Take-over
Bid and Insider Reporting Issues and it may further purchase, hold,
vote, trade, dispose or otherwise deal in the securities of Ensign,
in such manner as it deems advisable to benefit from changes in
market prices of Ensign securities, publicly disclosed changes in
the operations of Ensign, its business strategy or prospects or
from a material transaction of Ensign, and it will also consider
the availability of funds, evaluation of alternative investments
and other factors.
An early warning report will be filed by Fairfax
in accordance with applicable securities laws and will be available
on SEDAR+ at www.sedarplus.ca or may be obtained directly from
Fairfax upon request at the telephone number below.
Ensign’s head and registered office is located
at 601-130 Bloor Street West, Toronto, Ontario, M5S 1N5.
Fairfax is a corporation continued under the
Canada Business Corporations Act and is a holding company which,
through its subsidiaries, is primarily engaged in property and
casualty insurance and reinsurance and the associated investment
management.
For further information contact: John
Varnell, Vice President, Corporate Development at (416)
367-4941
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