Alekbaylee
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Posts posted by Alekbaylee
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I think all the reasons you cited are valid, there's a broad sell-off right now everywhere in the globe. Markets are getting crazy, no direction whatesoever. :-\
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Not that there was much suspense, but...
Northbridge and Fairfax Announce Results of Special Meeting of Northbridge Shareholders to Approve Going-Private Transaction
Thursday February 19, 12:39 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Feb 19, 2009 -- (Note: All dollar amounts in this press release are expressed in Canadian dollars.)
Northbridge Financial Corporation (Toronto:NB.TO - News) and Fairfax Financial Holdings Limited (Toronto:FFH.TO - News)(NYSE:FFH - News) today announced that Northbridge's shareholders have approved by a special resolution, the amalgamation of Northbridge with FFHL Financial Corp., an indirect wholly-owned subsidiary of Fairfax (the "Amalgamation"). The Amalgamation was approved by 99.99% of the votes cast by shareholders at the meeting, including 99.98% of the votes cast for purposes of the majority of the minority approval requirements of applicable securities laws. The Amalgamation will be effective on or around February 20, 2009 and will be followed by the redemption of the redeemable preferred shares provided for under the Amalgamation, thereby completing the previously announced going-private transaction with Fairfax.
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Pursuant to the Amalgamation, Northbridge will become a wholly-owned subsidiary of Fairfax and all holders of Northbridge common shares, other than Fairfax and its affiliates, will be entitled to receive $39.00 in cash per share by way of the redemption of redeemable preferred shares of the amalgamated corporation, all as more fully described in the meeting materials mailed to Northbridge shareholders and filed on SEDAR (www.sedar.com) in connection with the special shareholders' meeting to approve the Amalgamation.
As soon as practicable following completion of the Amalgamation, it is expected that all common shares of Northbridge will be de-listed from the Toronto Stock Exchange. Additionally, Northbridge has made an application to the Canadian securities regulatory authorities for an order that Northbridge will no longer be a reporting issuer (or equivalent) under applicable Canadian securities laws.
About Northbridge
Northbridge is the largest commercial property and casualty insurance group in Canada, providing property, automobile, general liability and a wide range of other commercial insurance products to businesses primarily in Canada. Visit Northbridge's website at www.norfin.com for more information.
About Fairfax
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
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Another survey from an insurance industry group confirms evidence that the soft market in the industry may be nearing an end. Rates are still declining, but not as quickly as seen in previous quarters. Thus, a continuation of this trend will lead the industry to profitability. To an industry plagued by investment losses and capital issues, this news should come as welcome relief.
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Mega Brands loses Disney licensing to Lego, picks up Nickelodeon
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Y'all,
Is anyone looking at WTM (White Mountains Insurance). They reported few days ago. Granted, they incurred some loss (similar to MKL), but the stock is selling at a significant discount to book value as of December 31, 2008 ($353).
I don't own any share, but I'm tempted to buy a small position at this price or around.
Would appreciate any insight/comment, specially if you know the company.
Alek
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Kingsway Financial quits business lines, sells assets amid 'material' loss
Mon Feb 9, 9:24 AM
The Canadian Press Email Story IM Story Printable View
By The Canadian Press
TORONTO - Kingsway Financial Services Inc. (TSX: KFS.TO) is quitting some lines of business, cutting 750 jobs and selling assets, including its common-share equity portfolio, while warning of a "material" fourth-quarter loss.
The jobs will be eliminated during the next 18 to 24 months, the vehicle-insurance-focused company stated Monday.
Kingsway, headquartered in Toronto but keeping its accounts in U.S. dollars, said it expects to report a fourth-quarter loss of $324 million to $344 million, or $5.88 to $6.24 per share.
The loss is blamed on underwriting problems at Lincoln General Insurance Co., a U.S. subsidiary specializing in truckers and high-risk motorists, as well as impairments to goodwill, investment losses, and writedowns of future tax assets.
Kingsway said it will reduce its capital requirements by eliminating US$350 million in premiums through quitting non-core and unprofitable lines of business at Pennsylvania-based Lincoln and at Alabama-headquartered Southern United Fire Insurance Co.
Kingsway said other assets and business will also be run off "with the objective to free up approximately $200 million in capital."
Meanwhile, a corporate restructuring will aim to cut costs by $80 million annually.
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Canadian Western Bank issuing $200M in preferred-share-plus-warrant units
Thu Feb 5, 11:24 AM
The Canadian Press Email Story IM Story Printable View
By The Canadian Press
EDMONTON - Canadian Western Bank (TSX: CWB.TO) is issuing at least $200 million worth of preferred shares which yield 7.25 per cent and come with warrants to buy common stock.
The bank said Thursday that $135 million worth of the units are going in a private placement to institutional investors including Fairfax Financial Holdings Ltd. and pension-fund clients of Alberta Investment Management Corp.
An accompanying bought-deal public issue is worth $65 million, or $74.75 million if the underwriters fully exercise their option on additional units.
Each unit in the public offering consists of a preferred share priced at $25 plus 1.78 five-year warrants to buy a common share for $14.00. The 7.25 per cent dividend rate on the preferred shares will be reset every five years at five percentage points above the prevailing yield on the Government of Canada five-year bond.
The institutional investors get a slightly better deal, with their units carrying 1.7857 warrants with the same $14.00 strike price. The bank's stock traded Thursday morning in Toronto at $10.79, off 43 cents, with a 52-week range between $29.44 and $10.50.
The preferred shares - which provide fixed payouts like bonds but qualify as regulatory capital like common shares - are expected to boost Canadian Western Bank's Tier 1 capital ratio to 11.2 per cent from 8.9 per cent.
The 36-branch bank, with $10.5 billion in assets, joins a parade of larger Canadian banks that have issued preferred stock recently to plump up their capital cushions.
The issue "will significantly augment the bank's already strong balance sheet and provides considerable flexibility to pursue accretive growth opportunities," stated Canadian Western CEO Larry Pollock.
He added a welcome to "the premier institutions" that are joining the bank's shareholder base.
Canadian Western, which will report on the November-January first quarter of the banking year on March 5, said that "while the economic environment presents challenges," it expects results "generally consistent with the bank's fiscal 2009 performance target ranges published in December."
Earnings per share are projected to be in line with the analyst consensus estimate of 39 cents per share.
The bank noted that revenue growth "continues to be constrained" by tight interest margins. But it said impaired loans at Jan. 31 "were within the historic range of acceptable levels at 1.2 per cent of total loans, or approximately $110 million, compared to 1.1 per cent, or approximately $92 million, at Oct. 31."
have my bid in for LUK
in General Discussion
Posted
around the $10 range... also looking at Methanex at current $ range. Still like SFK.un and CFP.un Coal companies getting interesting at current levels, such as Grande Cache and PCX-N. And fairfax is into coal (ICO) as we all know.
You may well be close to your bid...