AZ_Value Posted September 22, 2011 Share Posted September 22, 2011 http://www.fairfax.ca/news/press-releases/press-release-details/2011/Intention-to-Make-a-Normal-Course-Issuer-Bid1126662/default.aspx Link to comment Share on other sites More sharing options...
ourkid8 Posted September 22, 2011 Share Posted September 22, 2011 This is the generic press release they always announce around this time... http://www.fairfax.ca/news/press-releases/press-release-details/2011/Intention-to-Make-a-Normal-Course-Issuer-Bid1126662/default.aspx Link to comment Share on other sites More sharing options...
AZ_Value Posted September 22, 2011 Author Share Posted September 22, 2011 True... My bad. Link to comment Share on other sites More sharing options...
berkshiremystery Posted September 22, 2011 Share Posted September 22, 2011 Well, there is nothing unusual with their normal course issuer bid. They always release this news each year. Under the last bid they repurchased 109,480 shares. Link to comment Share on other sites More sharing options...
Liberty Posted September 22, 2011 Share Posted September 22, 2011 Well, there is nothing unusual with their normal course issuer bid. They always release this news each year. Under the last bid they repurchased 109,480 shares. Some people seem to be unaware of this, because the stock had a nice pop today. Link to comment Share on other sites More sharing options...
berkshiremystery Posted September 22, 2011 Share Posted September 22, 2011 Well, there is nothing unusual with their normal course issuer bid. They always release this news each year. Under the last bid they repurchased 109,480 shares. Some people seem to be unaware of this, because the stock had a nice pop today. Don't worry i have seen the pop. ;D They probably purchase always around book value, which should be higher with recent bond gains. Link to comment Share on other sites More sharing options...
Daphne Posted September 22, 2011 Share Posted September 22, 2011 Thera a cause and effect news report that fry is up on the announcement. This belongs inthe don't believe everything u read category. It was already flying before the standard September announcement and if u read through it they only bought and retired 106k in the last year even though prices were down. I believe there's a rush to hedged safety coupled with CDs and bond potential D Link to comment Share on other sites More sharing options...
oec2000 Posted September 22, 2011 Share Posted September 22, 2011 In terms of relative value, the markets are setting up for FFH to have lots of better opportunities to deploy capital than to buyback stock. I hope the guys at HWIC are salivating and conserving their capital for bargain basement sales. I bet no one is complaining about their equity hedges today. :D Link to comment Share on other sites More sharing options...
oec2000 Posted September 22, 2011 Share Posted September 22, 2011 Part of the price pop can be attributed to the weakening of the C$ vis-a-vis the US$. Link to comment Share on other sites More sharing options...
merkhet Posted September 22, 2011 Share Posted September 22, 2011 I bet no one is complaining about their equity hedges today. :D Exactly. :-) I know I posted this in the Berkowitz/WealthTrack thread, but I love the quote "In February I was a hero, now I’m a bum. So, we’ll see six months from now. Revenge should be sweet." Six months ago, people (sans people on this board, of course) thought Prem & Co. were bums for hedging their exposure to equity markets -- nice to see them vindicated. Link to comment Share on other sites More sharing options...
Alekbaylee Posted September 23, 2011 Share Posted September 23, 2011 Wonder how Fairfax establish the number of potential share repurchase. I mean if it were to buy back the 1,6 M shares indicated in their annual press release, at today's market price, that would be 640 M$ CND! Very unlikely... Link to comment Share on other sites More sharing options...
Uccmal Posted September 23, 2011 Share Posted September 23, 2011 I would say unlikely is an understatement. FFH shares are expensive compared to the investments they could make in other areas. They will assess and go where the best returns are. Link to comment Share on other sites More sharing options...
niels12think Posted September 24, 2011 Share Posted September 24, 2011 FFH shares are expensive compared to the investments they could make in other areas. They will assess and go where the best returns are. On a look through basis, suppose one FFH share at book value is equivalent to some shares and bonds and chunk of business, etc. that Prem et. al. has already found attractive at their prices. Then which is better: buying the share of FFH, i.e. the equivalent of buying the underlying assets at their already attractive prices buying some other assets, i.e. assets that has not yet been attractive Cheers! Link to comment Share on other sites More sharing options...
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