Fairfax Renews Course Issuer Bid

[Nnejad]

"Fairfax has purchased 323,500 of its subordinate voting shares at a weighted average price per share of Cdn $371.90 under its Normal Course Issuer Bid which commenced September 24, 2009 and will terminate on September 23, 2010. "

 

http://biz.yahoo.com/iw/100922/0665491.html?.v=1

[StubbleJumper]

And the share count still increased over the past year! 

 

Let's hope that there are net buy-backs this year.

 

SJ

[Zorrofan]

I can't see any need to issue more shares at this point - unless they do another major aquistion like Zenith. and that was a pretty decent move on their part....but I second your hope for net buybacks!!

 

cheers

Zorro

[Phoenix01]

I am a little confused.

 

The 2010 Q2 states that the ''Number of shares outstanding

Common stock effectively outstanding – end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,546,935''

 

The press release states ''As at September 14, 2010, Fairfax had 19,927,389 outstanding subordinate voting shares'' & ''Fairfax has purchased 323,500 of its subordinate voting shares''

 

Simple Math

Since the end of Q2 the share count has dropped by 619,546.  What happened to the other 296,046 shares?

 

 

[treasurehunt]

I am a little confused.

 

The 2010 Q2 states that the ''Number of shares outstanding

Common stock effectively outstanding – end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,546,935''

 

The press release states ''As at September 14, 2010, Fairfax had 19,927,389 outstanding subordinate voting shares'' & ''Fairfax has purchased 323,500 of its subordinate voting shares''

 

Simple Math

Since the end of Q2 the share count has dropped by 619,546.  What happened to the other 296,046 shares?

Page 4 of the 2010 Q2 report states the following:

Subordinate voting shares – end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,798,165

Multiple voting shares – beginning and end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,548,000

Interest in shares held through ownership interest in shareholder – beginning and end of period . . . . . . . . . (799,230)

Common stock effectively outstanding – end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,546,935

 

So my question is "Where did the extra 129,224 shares come from?". Was there an issuance after the end of Q2?

[Rabbitisrich]

Maybe the KIPCO deal included a share issuance as part of the private placement. It's a pretty hefty discrepancy.

[Parsad]

The TSX requires the gross number of shares outstanding, including treasury shares held by Fairfax, in the press release.  For the purposes of the financials, they take out the treasury shares they hold.  Cheers!

[Phoenix01]

Thanks for clearing that up!