Key Developments: Fairfax Financial Holdings Ltd (FFH.TO)
414.00CAD
18 Jun 2013
$-3.56 (-0.85%)
$417.56
$421.45
$421.45
$413.75
13,976
24,117
$438.00
$335.00
Latest Key Developments (Source: Significant Developments)
Fairfax Financial Holdings Ltd Launches $200 Million Senior Notes Offering
Fairfax Financial Holdings Ltd announced that it intends to offer $200 million in aggregate principal amount of 5.84% Senior Notes due 2022. The Senior Notes will be offered through a syndicate of dealers to be led by BMO Capital Markets, CIBC World Markets, RBC Capital Markets, Scotiabank Global Banking and Markets and Bank of America Merrill Lynch, that includes TD Securities, Cormark Securities, Citi Global Markets Canada, GMP Securities, HSBC Securities, Canaccord Genuity and National Bank Financial. The Senior Notes will be unsecured obligations of Fairfax and will pay a fixed rate of interest of 5.84% per annum. Fairfax intends to use the net proceeds of the offering to augment its cash position, to increase short term investments and marketable securities held at the holding company level, to retire outstanding debt and other corporate obligations from time to time and for general corporate purposes. Full Article
Fairfax Financial Holdings Ltd To Raise CAD200 Million From 10-Year Bond Issue-DJ
Dow Jones reported that Fairfax Financial Holdings Ltd. aims to raise 200 million Canadian dollars (USD204.4 million) from an offering of 10-year bonds maturing in October 2022, according to people familiar with the issue. Full Article
Fairfax Financial Holdings Ltd Announces Disposition Of Interest In Cunningham Lindsey Group Limited
Fairfax Financial Holdings Ltd announced that Cunningham Lindsey Group Limited has entered into a merger agreement pursuant to which Fairfax will effectively sell interest in Cunningham Lindsey for proceeds of approximately $260 million. Fairfax will invest up to approximately $35 million of the proceeds in shares of Cunningham Lindsey on closing to continue to be a minority shareholder. The transaction is expected to close in the fourth quarter. Full Article
Fairfax Financial Holdings Ltd Announces Quarterly Dividend on Series C, Series E, Series G, Series I and Series K Preferred Shares
Fairfax Financial Holdings Ltd announces that it has declared a quarterly dividend of CAD0.359375 per share on its Series C Preferred Shares, CAD0.296875 per share on its Series E Preferred Shares, CAD0.3125 per share on its Series G Preferred Shares, CAD0.3125 per share on its Series I Preferred Shares and CAD0.3125 per share on its Series K Preferred Shares. The dividends are payable on September 28, 2012 to shareholders of record on September 14, 2012. Full Article
Fairfax Financial Holdings Limited Announces Board Changes
Fairfax Financial Holdings Limited announces that in continuation of its practice of encouraging management evolution in the best interests of Fairfax and its officers, effective August 1, 2012 John Varnell, will become Vice President, Corporate Development, while continuing to assist as Fairfax's liaison with the financial community. The office of Chief Financial Officer of Fairfax is being assumed by David Bonham who, as Fairfax's Vice President, Financial Reporting for eight years, has worked closely with John. Full Article
Fairfax Financial Holdings Limited's Watsa Raises Research In Motion, Ltd. Stake To Nearly 10%-Reuters
Reuters reported that Canadian investor Prem Watsa has nearly doubled his Company's stake in Research In Motion, Ltd. to just under 10%, according to a regulatory filing. The move makes Watsa, Chief Executive of insurer and investment company Fairfax Financial Holdings Limited and a RIM Board member since January. Full Article
Thomas Cook Group plc Announces To Sale 77% Interest In Thomas Cook (India) Limited To Fairfax Financial Holdings Limited's Fairbridge Capital (Mauritius) Limited
Thomas Cook Group plc announced on May 21, 2012 that it had agreed to sell its 77% interest in Thomas Cook (India) Limited (TCIL) to Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited. The Group announced that a circular will be posted to ordinary shareholders with further details of the TCIL disposal and to convene a general meeting of ordinary shareholders to consider and to approve the TCIL disposal, together with a temporary dispensation to the Group's limit on borrowing powers under the Articles of Association. These measures are a part of the Group's previously announced action plan aimed at reducing debt and improving the resilience of its financing and capital structure. They follow the announcement of the Group's new financing package on May 5, 2012, extending the maturity of its bank facilities until May 31, 2015 with no fixed repayments and the shareholder approval gained on May 29, 2012 for the HCV disposal and the Aircraft sale and leaseback. The TCIL disposal is expected to raise GBP86.6 million, the net proceeds of which will be used to reduce the Group's net debt. Full Article
Fairfax Financial Holdings Limited's Subsidiary Announces Agreement To Acquire Brit Insurance Limited
Fairfax Financial Holdings Limited announced that RiverStone runoff subsidiary has entered into an agreement with Brit Group to purchase all the outstanding shares of Brit Insurance Limited (BIL) of London, England, which wrote UK domestic, as well as some international, insurance and reinsurance before being placed into runoff earlier this year. The transaction, is expected to close in the fourth quarter of 2012. RiverStone will purchase BIL at a discount to its book value, adjusted for certain pre-closing dividends. The purchase price for BIL is expected to be approximately $300 million. The acquisition is expected to be financed using internal resources at RiverStone. Full Article
Fairfax Financial Holdings Limited Announces Quarterly Dividend on Series C, Series E, Series G, Series I and Series K Preferred Shares
Fairfax Financial Holdings Limited announced that it has declared a quarterly dividend of CAD0.359375 per share on its Series C Preferred Shares, C$0.296875 per share on its Series E Preferred Shares, CAD0.3125 per share on its Series G Preferred Shares, CAD0.3125 per share on its Series I Preferred Shares and CAD0.34589 per share on its Series K Preferred Shares. The dividends are payable on June 29, 2012 to shareholders of record on June 15, 2012. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada. Full Article
Kennedy Wilson Holdings Inc Wilson Partners With Fairfax Financial Holdings Limited On New EUR278 Million European Commercial Real Estate Investment Platform
Kennedy Wilson Holdings Inc announced the formation of a new partnership with Fairfax Financial Holdings Limited (Fairfax) to pursue acquisitions of European commercial real estate assets, including loans and real property. The partnership will initially focus on investments in the UK and Ireland with Fairfax providing a EUR250 million capital commitment alongside a 10% co-investment from Kennedy Wilson. This platform follows on Kennedy Wilson and Fairfax’s fully invested $278 million U.S. real estate investment partnership. Full Article
Fairfax to acquire American Safety Insurance for $306 million
TORONTO - Fairfax Financial Holdings Ltd said on Monday it has agreed to acquire American Safety Insurance Holdings Ltd for roughly $306 million, in a move aimed at expanding its insurance operations in certain specialty lines.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
