Fairfax Financial Holdings Limited announces that it has made certain modifications to its previously-announced multiple voting share proposal in response to discussions with certain significant institutional shareholders of Fairfax, which are designed to provide additional minority shareholder protections. Those shareholders, as well as other significant institutional shareholders, have advised that they now intend to vote in favour of the proposal.
Fairfax Financial Holdings Limited announces a net loss of $185.7 million in the second quarter of 2015 ($8.87 net loss per diluted share after payment of preferred share dividends) compared to net earnings of $363.7 million in the second quarter of 2014 ($16.15 per diluted share after payment of preferred share dividends), principally reflecting unrealized losses on investments.
Fairfax Financial Holdings Limited announces that it has postponed its upcoming special meeting of shareholders (the “Special Meeting”) called to consider, and if deemed appropriate, to adopt a special resolution authorizing an amendment to Fairfax’s articles of incorporation, originally scheduled for July 21, 2015.
Fairfax Financial Holdings Limited will hold a conference call at 8:30 a.m. Eastern Time on Friday, July 31, 2015 to discuss its 2015 second quarter results which will be announced after the close of markets on July 30 and will be available at that time on its website www.fairfax.ca.
Fairfax Financial Holdings Limited announces that it has completed its cash tender offer to shareholders of Brit PLC. Fairfax has sold 29.9% of the Brit shares to Ontario Municipal Employees Retirement System (OMERS). Fairfax currently owns 70.1% of Brit and has the ability to repurchase the shares owned by OMERS over time.
Fairfax Financial Holdings Limited announces that it is calling a special meeting of its shareholders to be held on July 21, 2015 to vote on a proposed amendment to its articles to preserve the current 41.8% voting power of its multiple voting shares, which are controlled by V. Prem Watsa, Fairfax’s Chairman and Chief Executive Officer, and to make certain additional changes, including memorializing that the holder of the multiple voting shares will never be able to profit, or receive any premium or benefit, from the special voting rights attached to the multiple voting shares.
Fairfax Financial Holdings Limited announced today that it has acquired, through its subsidiaries, 19,991,044 common shares (the “Shares”) of Tembec Inc. (“Tembec”), representing approximately 19.9% of the issued and outstanding Shares. The Shares were purchased by way of a private transaction at a price of $2.25 per Share pursuant to a share purchase agreement, and represent the only securities that Fairfax currently owns or controls in Tembec.
Fairfax Financial Holdings Limited announces that it has declared a quarterly dividend of C$0.286125 per share on its Series C Preferred Shares, C$0.22297 per share on its Series D Preferred Shares, C$0.18188 per share on its Series E Preferred Shares, C$0.16194 per share on its Series F Preferred Shares, C$0.3125 per share on its Series G Preferred Shares, C$0.3125 per share on its Series I Preferred Shares, C$0.3125 per share on its Series K Preferred Shares and C$0.38716 per share on its Series M Preferred Shares.
Fairfax Financial Holdings Limited is pleased to announce today that it has, through its wholly-owned subsidiary Fairfax Asia Limited (“Fairfax Asia”), entered into an agreement with BIDV Insurance Corporation JSC (“BIC”) to acquire approximately 35% of the outstanding shares of BIC by subscribing for newly issued shares. The transaction is subject to regulatory approval in Vietnam and is expected to close in the third quarter of 2015.
Fairfax Financial Holdings Limited announces net earnings of $225.2 million in the first quarter of 2015 ($9.71 per diluted share after payment of preferred share dividends) compared to net earnings of $784.6 million in the first quarter of 2014 ($35.72 per diluted share after payment of preferred share dividends), reflecting improved underwriting results and lower net gains on investments.