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Fairfax sells 1/2 of ICG holdings


Hoodlum
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I don't remember seeing this posted

 

http://www.herald-dispatch.com/news/briefs/x1476902673/ICG-says-price-set-on-insiders-stock-sale

 

International Coal Group says nearly 35 million shares being sold by its two largest stockholders have been priced at $8.16.

 

ICG says in a Securities and Exchange Commission filing Tuesday that the deal is expected to close Friday.

 

Chairman Wilbur Ross’ investment firm, WL Ross Group L.P., plans to sell nearly 12.3 million shares, or half its holdings. Toronto-based Fairfax Financial Holdings plans to sell nearly 22.6 million shares, or half its stake.

 

 

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Actually it was briefly discussed on another thread. FFh & ross actually sold at $7.35 not $8.15....interesting to note that with the flooding in Australia and higher coal prices in the spot market ICO is now about $8.40. Interesting to see how this plays out as BTU keeps talking about a coal super-cycle and shortages.

 

cheers

Zorro

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I wonder if those buyers like the decision they made?  Bought for $7.35 and just hit $9. on keeps moving up.  Glad to see FFH realize a profit but also good to see that they held on to half their position.  FFH's decision to double down about 2 years ago paid for entire FFH Head Office salaries for years, perhaps a decade?

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