The Toronto Stock Exchange accepted Fairfax Financial Holdings Ltd.'s intention to launch a normal course issuer bid through the facilities of the exchange or other alternative Canadian trading systems for its subordinate voting shares and certain preferred shares.
The bid covers six series of cumulative five-year rate reset preferred shares and four series of cumulative floating-rate preferred shares. Subordinate voting shares and preferred shares bought will be canceled.
Up to 10% of any series of shares can be repurchased between Sept. 30, 2019, and Sept. 29, 2020. Under its existing normal course issuer bid, Fairfax has purchased 625,782 subordinate voting shares at a weighted average price per share of C$614.24.
