Fairfax announces share buyback

Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing less than 10% of its public float of over 13 million outstanding subordinate voting shares.
“Fairfax is making this normal course issuer bid because it believes that in appropriate circumstances its subordinate voting shares represent an attractive investment opportunity and that consequently purchases under the bid will enhance the value of the shares held by the remaining shareholders,” a company statement notes.
The company has, since last year at this time, bought back 183,300 of its subordinate voting shares at an average price of $197.20.
The company also updated information regarding its move to reduce near-term debt it has been repurchasing senior notes due in 2005, 2006 and 2008 and issuing notes due 2012.
The company has issued US$266 million in 2012 senior notes and has reduced its near-term debt as follows: 2005 notes reduced by US$59.1 million; 2006 notes reduced by US$144.7 million; and 2008 notes reduced by US$71 million. The company currently has US$267.9 million in outstanding notes for 2005, 2006 and 2008.