Fairfax Financial Holdings Limited: Intention to Make a Normal Course Issuer Bid
23 September 2009 - 1:08AM
Marketwired
Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH) announces
that it intends to make a Normal Course Issuer Bid, subject to
regulatory approval, for up to 1,600,000 of its subordinate voting
shares through the facilities of the Toronto Stock Exchange (the
"TSX") and the New York Stock Exchange. Purchases will be made in
accordance with the rules and policies of the Exchanges and shares
purchased will be cancelled. As at September 11, 2009, Fairfax had
19,687,508 outstanding subordinate voting shares and the maximum
number of shares to be purchased under the bid represents
approximately 10% of the public float of 16,025,434 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, 2009, calculated in accordance with the rules of
the TSX for the purposes of the bid, is 40,806 shares. In
accordance with the rules of the TSX, 25% of that average daily
trading volume (10,202) 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 24,
2009 and may extend until September 23, 2010.
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 Exchanges, 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
shares held by the remaining shareholders.
Fairfax has purchased 144,200 of its subordinate voting shares
at a weighted average price per share of Cdn $292.48 under its
Normal Course Issuer Bid which commenced September 24, 2008 and
will terminate on September 23, 2009.
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 Greg Taylor Chief
Financial Officer (416) 367-4941 Media Contact: Fairfax Financial
Holdings Limited Paul Rivett Chief Legal Officer (416) 367-4941
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