trending Market Intelligence /marketintelligence/en/news-insights/trending/ljww4yehxbiu2693qtcr7q2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Fairfax Financial to invest C$150M in Mosaic Capital

Shareholder Advocates Say New SEC Policy To Prompt Litigation, Less Transparency

Groups Urge Business Roundtable CEOs To Act On New Corporate Purpose Declaration

State of South Korean OTT Video: Subscription

Global Streaming Media Device Sales Forecast To Flatten In 5 Year Outlook


Fairfax Financial to invest C$150M in Mosaic Capital

Fairfax Financial Holdings Ltd. has agreed to invest C$150 million in Calgary, Alberta-based investment company Mosaic Capital Corp. on a private placement basis through certain of its subsidiaries.

Fairfax Financial will subscribe for C$100 million of 6% senior preferred securities, C$50 million of 5% seven-year term secured debentures, and warrants to purchase up to 17,026,106 common shares of Mosaic at an exercise price of C$8.81 per share for seven years. Upon full exercise of the warrants, Fairfax Financial would own about 66% of Mosaic's common shares based on the number of shares outstanding.

As part of the transaction, Fairfax Financial and Mosaic agreed to share mid-market private equity opportunities. Fairfax Financial will have the right to nominate two directors to Mosaic's board. Fairfax Financial President Paul Rivett will join Mosaic's board at the closing of the investment. The closing is expected to occur in late January 2017, subject to certain conditions, including the approval of TSX Venture Exchange.

Mosaic will use the proceeds from the investment to redeem all of its outstanding preferred securities and series A shares, retract its private yield securities, provide a liquidity option for the holders of its outstanding convertible debentures, and repay all or part of its acquisition credit facility and for general corporate purposes.