Hoodlum

That was my thought as well, especially since this was done at the peak of the Gold Price. Copper pricing and conversely Foran Mining was not as volatile as Gold/ORLA over the past few months and Foran would not fall as far if Gold pricing falls further. It will be interesting to watch as I would suspect that Fairfax and other major shareholders would have been asked about this and likely agreed in advance.

Thanks for the clarification on this.

It looks like Point North Capital will be selling their shares for the AGT Food IPO, with Fairfax and Murad not selling theirs. Additional issuing of funds would be used to pay down the debt at AGT. https://www.realagriculture.com/2026/02/agt-food-ingredients-files-paperwork-for-shares-to-go-public/ According to the Jan. 30 preliminary prospectus, AGT plans to use the proceeds from the share sale to reduce debt servicing costs and to facilitate share sales by existing shareholders. The document shows the company expects the reduction in annual finance expense would be $43.7 million, resulting in improved net earnings and cash flow. Primary shareholders Fairfax Financial Holdings nor president and CEO Murad Al-Katib are selling their common shares, the company says. AGT says it has applied to have the offered shares listed on the Toronto Stock Exchange under the symbol “AGTF," but conditional approval has not yet been granted by the TSX, as of January 30. AGT was publicly-traded on the TSX from 2007 to 2019, when it was taken private by a group led by CEO Murad Al-Katib, Fairfax Financial, and Point North Capital. AGT employed around 2,950 people as of 2024, with a global footprint of 39 manufacturing facilities across five continents. The company reported revenue of C$3.2 billion and adjusted EBITDA of $192 million for the twelve-month period ending in September 2025.

Unless I missed it, I don't believe Fairfax have any convertible debt or warrants with Foran Mining.

This is basically a share swap at current stock prices, with just a 6% premium. While Eldorado Gold share price did drop late last week due to the gold drop, this becomes a combined gold/Copper play now. I wonder if Fairfax plans to hold on to the shares after this goes through. At least it will be easier for Fairfax to sell their shares as they could do it gradually without needing to inform the market as their equity interest will be below 10%.

Vikings response and Anshulp’s initial info on Exco

I would like to see them buy more at this price as well. But they have had other priorities as well at the holding company level. Over the past year they have been buying back their preferred, some with new debt and some with cash coming back from insurance subs. I believe they have one series remaining of the Preferred to close out. Their option to buy the minority in Allied expires in September. They may be waiting for the sale of EuroLife to go through so they could use that for this purchase. But I suspect they want to have the flexibility to buy the Allied minority interest with cash, in case the EuroLife sale doesn't close for some reason. Once EuroLife sale closes we may see Fairfax close the final Preferred series and then focus on the buybacks. Fairfax has until 2029 before the Odyssey Re Minority purchase option expires, so they don't need to do that for a while. I am not aware of any other use for cash at the holding company and at this price level I would prefer they focus on the buybacks, versus buying another insurance company.

My understanding is that Canada had a record year for Legume crops, so that would help with 2025 sales. The sales of the railway last January was also expected to help increase cash flow. Now we are seeing an improving environment for tariffs (China and soon India) which will help with 2026 margins. AGT Food is also a much more globally diversified company than they were when taken private in 2018, with China/India/US accounting for just 28% of sales in 2024.

I wasn’t expecting this now. I guess they have been able to work around the tariffs, and the lifting of China’s Tariffs in Canada along with likely the same for India in March should bode well for the future. https://www.newswire.ca/news-releases/agt-food-and-ingredients-inc-files-preliminary-prospectus-for-initial-public-offering-of-common-shares-843361023.html

As of Wednesday, Fairfax owned 65M share of UA with a market cap of $400M. This would slip in as our 9th largest holding now. https://www.streetinsider.com/SEC+Filings/Form+4+Under+Armour%2C+Inc.+For%3A+Jan+27+Filed+by%3A+FAIRFAX+FINANCIAL+HOLDINGS+LTD+CAN/25918112.html

The Indian government has requested that final bids for IDBI be submitted before the end of next week. https://www.moneycontrol.com/news/business/dipam-sets-february-5-deadline-for-final-idbi-bank-bids-13800733.html The divestment of IDBI Bank is said to have entered the last leg . Highly placed sources aware of the development say shortlisted bidders have been asked to place final bids by February 5 . “An invite for final bid along with the deadline was sent to select bidders,” said a highly placed sources who didn’t want to be named. The communication was sent from DIPAM (Department of Investment and Public Asset Management) to the three contenders, namely Kotak Mahindra Bank, Emirates NBD and Fairfax India Holdings around the third week of January this year. “It has been sent along with the final bid document and bidders will quote the acquisition price in the final bid”, said another source. Given that IDBI Bank is a listed entity, the final bid price is expected to reflect the acquisition price applicable for takeovers as per Sebi norms. This means that the H1 or highest bid will be the highest among the negotiated price, volume-weighted average price (VWAP) in the past 52 weeks, highest price at which the stock traded in in the past 26 weeks or the 60-day VWAP. Once financial bids are submitted, sources say the bids will be opened in the presence of the transaction advisers, members of the inter-ministerial group (IMG) and authorised representatives of the bidders. “The evaluation and identification of H1 is a fairly straightforward exercise and does not take much time,” the source added. “Once selected the proposal goes to the IMG for its recommendation, followed by approval from the finance minister. Depending on the strategy adopted by the government and the readiness of bidders, it is possible to move ahead with the process within the current quarter,” said the person cited above, indicating the clear winner for IDBI Bank divestment may be identified by March 2026.

With the signing of the EU and India Free trade agreement this week, the Cyprus Business/Investment event in Mumbai yesterday could not have been better timed. Eurobank led this event. https://cyprus-mail.com/2026/01/29/eurobank-at-the-centre-of-new-financial-bridge-between-india-and-cyprus The international DNA of the Cypriot banking sector remains one of the most important advantages for foreign investors, he further explained. To support this strategy, Eurobank has already established a dedicated India Desk to facilitate the onboarding of Indian companies and multinational corporations moving into Cyprus. The group is currently preparing for its next major milestone which involves opening a representative office in Mumbai within the city’s financial district in the coming months. “Eurobank’s bridge-building role extends across key industries,” the bank stated. “In technology, the Group has partnered with Fairfax Digital Services and LTIMindtree to establish a Global Delivery Center in Pune supporting Eurobank’s European operations, while also backing advanced AI initiatives headquartered in Cyprus.” “In financial innovation, Eurobank has signed a landmark MoU with NPCI International to deploy India’s Unified Payments Interface (UPI) in Greece and Cyprus, enabling real-time, low-cost cross-border payments,” the bank added. “In tourism, Eurobank and the IGC Council facilitated the entry of Thomas Cook India into Cyprus, strengthening people-to-people and business travel links.”

I see there was 13.5k traded early this morning on the CBOE exchange. There is generally not much volume on this exchange except when Fairfax has done the buybacks in the past. I no longer have access to determine which broker was the buyer for this. It will be interesting the see what Fairfax bought back this month.

It will be interesting to look back on Fairfax's Greece investments in a few years. once they have all been monetized. Investors all over have started to recognize the potential with Greek businesses. Last month, Brookfield entered into a partnership with Domes Resorts in Greece and may be looking at further investment opportunities in the Hotel/Resort sector. It is only a matter of time before the markets start to recognize what Metlen has built up in Greece as well.

S&P upgraded Greek banks including Eurobank to positive today. So it looks like another rating upgrade could be coming. https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3508269

Eurobank was up another 4% today, +23% this month so far.

US based Capital Group which manages mutual funds and individual investor accounts, has built up a 5% equity interest in Eurobank. https://www.eurobank.gr/en/group/grafeio-tupou/etairiki-anakoinosi-26-01-2026-i

That would make sense as I don't see these large trades at TD or RBC.

I am glad you guys are posting this. For some reason I do not see these

that’s weird as mine looks different for the same time.

I thought Fairfax doesn't screen well for Quants. Or maybe Quants are only active on the sell side.

I don't see that. Are you sure you were not looking at total volume?

There should have been lots of opportunity for Fairfax to do buyback this morning, with no large cross at the open and 100k shares traded before noon.

So about 13.9% of total outstanding share (Class A and C).

BMO Capital downgraded Fairfax Financial (FRFHF) to Market Perform from Outperform with a Price Target of C$2,500, down from C$2,600. The firm cited a “muted go-forward operating income outlook” for the downgrade, adding that with softening global insurance/reinsurance markets, declining underwriting income, moderating investment income growth/muted investment gains outlook, the firm sees “limited growth/multiple expansion.”