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FFH buys $5 million Conv Debs from Novadaq


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Trading was halted momentarily on US exchange this morning presumably due to the announcement of FFH's purchase of $5 million in senior unsecured Convertible Debentures from Novadaq (NDQ on TSX) bearing interest of 5% maturing in 5 years from the date of their issue scheduled for Feb 18.  They can be converted into common shares at $2.33 Canadian.  Although this is not a big investment for FFH, it is curious that they would agree to quite a low interest rate unless they had great confidence in the future of Novadaq.  It appears that they already own some common shares and that if the debentures are converted they will hold 17.17% of the company.  Novadaq developes imaging guidance systems for operating rooms.



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