Business News • MarketWire • Intention to Make a Normal Course Issuer Bid |
Intention to Make a Normal Course Issuer Bid |
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Intention to Make a Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwire - Sept. 22, 2011) - Fairfax Financial Holdings Limited (TSX:FFH)(TSX:FFH.U) announces that it intends to make a Normal Course Issuer Bid, subject to regulatory approval, for up to 1,600,000 of its subordinate voting shares through the facilities of the Toronto Stock Exchange (the "TSX"). Purchases will be made in accordance with the rules and policies of the TSX and shares purchased will be cancelled. As at September 22, 2011, Fairfax had 19,865,689 outstanding subordinate voting shares and the maximum number of shares to be purchased under the bid represents approximately 10% of the public float of 16,194,216 subordinate voting shares of Fairfax. The average daily trading volume of the subordinate voting shares of Fairfax on the TSX for the six months ended August 31, 2011, calculated in accordance with the rules of the TSX for the purposes of the bid, is 24,380 shares. In accordance with the rules of the TSX, 25% of that average daily trading volume (6,095) represents Fairfax's daily limit (excluding permitted block purchases) for purchases under the bid made through the facilities of the TSX. This bid will commence September 26, 2011 and may extend until September 25, 2012.
View More : http://www.marketwire.com/mw/release.do?id=1564504&sourceType=3
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