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Fairfax Financial Holdings Ltd | Cumulative 5-Year Rate Reset Preferred Shares, Series G (FFH.PRG.CA)
Prospectus excerpt: Fairfax Financial Holdings Limited (“Fairfax” or the “Company”) is offering 8,000,000 Cumulative 5-Year Rate Reset Preferred Shares, Series G (the “Series G Shares”) at a price of Cdn$25.00 per share (the “Offering”). For the initial period commencing on the Closing Date (as defined herein) and ending on and including September 30, 2015 (the “Initial Fixed Rate Period”), the holders of Series G Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the board of directors of the Company (the “Board of Directors”), payable quarterly on the last business day of March, June, September and December in each year at an annual rate equal to Cdn$1.25 per share. The initial dividend, if declared, will be payable September 30, 2010 and will be Cdn$0.21918 per share, based on the anticipated closing date of July 28, 2010. See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series G Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last business day of March, June, September and December in each year during the Subsequent Fixed Rate Period, in an annual amount per share determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by Cdn$25.00. The Annual Fixed Dividend Rate for each Subsequent Fixed Rate Period will be determined by the Company on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus a spread of 2.56%. This spread will apply to both Series G Shares and Series H Shares (as defined herein) and will remain unchanged over the life of the Series G Shares and Series H Shares. See “Details of the Offering”. Full Prospectus PDF », FFH.CA Page »
Series: | G | Alternate symbology: | FFH-G.CA, FFH-PG.CA, FFHprG.CA | Redeemable?: | Yes | Call Date: | 9/30/2015 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | The holders of Series G Shares will have the right, at their option, to convert all or any of their shares into Cumulative Floating Rate Preferred Shares, Series H (the “Series H Shares”) of the Company, subject to certain conditions, on September 30, 2015 and on September 30th every five years thereafter. The holders of Series H Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last business day of each Quarterly Floating Rate Period (as defined herein), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by Cdn$25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 2.56% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. | Shares Offered: | 8000000 | Overallotment: | 2000000 | Liquidation Preference: | $25 | Recent Market Price: | $17.10 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-7.90 (-31.60%) | Annualized Dividend: | 0.7405 | Recent Ex-Date: | 3/14/2024 | Current Yield: | 4.33% | Original Coupon: | 5.00% | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
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Fairfax Financial Holdings is a holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and the associated investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s subsidiaries provide a range of property and casualty products, maintaining a portfolio of risks across all classes of business, geographic regions, and types of insureds. Co.'s investments are centrally managed for all Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd., a wholly-owned subsidiary of Co. Preferreds: FFH.PRC.CA, FFH.PRE.CA, FFH.PRG.CA, FFH.PRI.CA, FFH.PRK.CA Open the FFH.CA Information Page »
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