Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Blackberry Ltd (BBRY): Prem Watsa’s Fairfax Increases Stake, Redeems Previous Debentures and Acquires Newly Issued Ones

Page 1 of 159

A freshly-amended 13D filing with the Securities and Exchange Commission revealed that Prem Watsa‘s Fairfax Financial Holdings and some other institutional investors have signed a ‘Subscription Agreement’ with Blackberry Ltd (NASDAQ:BBRY). Under this agreement, Fairfax and other institutional investors shall invest in the company through a $605 million private placement of 3.75% unsecured convertible debentures convertible into shares of Blackberry at a price of $10 per share. The outstanding 6.00% unsecured subordinated convertible debentures of Blackberry that were previously issued (November 13, 2013, and January 16, 2014) on a private placement basis for an aggregate subscription price of $1.00 billion and $250.00 million respectively were redeemed.  On September 7, under this agreement, Fairfax Financial Holdings obtained $500 million principal amount of the 3.75% debentures, which will be due November 13, 2020.

The filing also revealed that Fairfax Financial Holdings raised its stake in Blackberry (NASDAQ:BBRY) to 96.72 million common shares, which amass 16.9% of the company’s outstanding stock. Previously, the fund held some 50 million fewer shares, or 46.72 million common shares, plus 500 million principal amount of 6.00% debentures convertible, as per its 13F filing for the reporting period of June 30.

Blackberry is a multinational telecommunications and wireless equipment company widely known for its BlackBerry brand of smartphones and tablets. Its professional services and products contain BlackBerry Technology Solutions, Devices, Enterprise Solutions and Services, and Messaging. Over the past 12 months, the company’s stock is up by 2.71%. For the first quarter of its fiscal year 2017, Blackberry disclosed flat earnings per share, topping the estimates of a loss per share of $0.08, while its revenue of $424 million also topped the estimates of $377.06 million. Recently, Wells Fargo & Co. reiterated its ‘Positive’ rating on Blackberry’s stock with a price target of $7.62, while TD Securities reiterated its ‘Buy’ rating on the stock with a price target of $9, and JPMorgan Chase & Co. boosted its price target to $8.00 from $7.00 and has a ‘Neutral’ rating on it.

Prem Watsa

The number of hedge funds in our database (which includes 749 investors which filed 13Fs during the June quarter) long Blackberry (NASDAQ:BBRY) decreased by four in the second quarter, as at the end of June there were 20 smart money managers bullish on the stock. Among them were Jim Simons’ Renaissance Technologies, which held a position valued at $107.11 million, Francis Chou’s Chou Associates Management, with a position worth around $3.55 million, Ken Griffin’s Citadel Investment Group, George Hall’s Clinton Group, and Paul Cantor, Joseph Weiss, and Will Wurm’s Beech Hill Partners.

Follow Blackberry Ltd (NASDAQ:BBRY)
Trade (NASDAQ:BBRY) Now!

Some of the investors that dumped Blackberry (NASDAQ:BBRY) during the quarter encompassed Solomon Kumin’s Folger Hill Asset Management, which sold off its position worth around $1.04 million at the end of March, William Charters and Mario Marcon’s Sabal Capital Management, which said goodbye to $971,000 worth of Blackberry’s shares, Matthew Tewksbury’s Stevens Capital Management, and Sheetal Duggal’s Thrax Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
V. PREM WATSA 8 96,724,700 10 96,724,700 96,724,700 16.9%
1109519 ONTARIO LIMITED 8 96,724,700 10 96,724,700 96,724,700 16.9%
THE SIXTY TWO INVESTMENT COMPANY LIMITED 8 96,724,700 10 96,724,700 96,724,700 16.9%
810679 ONTARIO LIMITED 8 96,724,700 10 96,724,700 96,724,700 16.9%
FAIRFAX FINANCIAL HOLDINGS LIMITED 8 96,724,700 10 96,724,700 96,724,700 16.9%
FFHL GROUP LTD 8 84,812,700 10 84,812,700 84,812,700 14.8%
ADVENT CAPITAL (HOLDINGS) LTD 8 2,660,000 10 2,660,000 2,660,000 0.5%
ADVENT CAPITAL (NO 8 2,660,000 10 2,660,000 2,660,000 0.5%
CRC REINSURANCE LIMITED 8 3,594,100 10 3,594,100 3,594,100 0.6%
FAIRFAX (US) INC 8 60,119,300 10 60,119,300 60,119,300 10.5%
CLEARWATER INSURANCE COMPANY 8 4,513,649 10 4,513,649 4,513,649 0.8%
ZENITH NATIONAL INSURANCE CORP 8 4,597,500 10 4,597,500 4,597,500 0.8%
ZENITH INSURANCE COMPANY 8 4,597,500 10 4,597,500 4,597,500 0.8%
TIG HOLDINGS, INC 8 7,373,500 10 7,373,500 7,373,500 1.3%
TIG INSURANCE COMPANY 8 7,373,500 10 7,373,500 7,373,500 1.3%
ODYSSEY US HOLDINGS INC 8 32,771,400 10 32,771,400 32,771,400 5.7%
ODYSSEY RE HOLDINGS CORP 8 32,771,400 10 32,771,400 32,771,400 5.7%
ODYSSEY REINSURANCE COMPANY 8 17,936,644 10 17,936,644 17,936,644 3.1%
HUDSON INSURANCE COMPANY 8 1,684,000 10 1,684,000 1,684,000 0.3%
NEWLINE HOLDINGS UK LIMITED 8 1,554,457 10 1,554,457 1,554,457 0.3%
NEWLINE INSURANCE COMPANY LIMITED 8 102,880 10 102,880 102,880 0.0%
NEWLINE CORPORATE NAME LIMITED 8 1,451,577 10 1,451,577 1,451,577 0.3%
CLEARWATER SELECT INSURANCE COMPANY 8 1,000,000 10 1,000,000 1,000,000 0.2%
CRUM FORSTER HOLDINGS CORP 8 10,863,251 10 10,863,251 10,863,251 1.9%
UNITED STATES FIRE INSURANCE COMPANY 8 10,863,251 10 10,863,251 10,863,251 1.9%
THE NORTH RIVER INSURANCE COMPANY 8 3,950,000 10 3,950,000 3,950,000 0.7%
RIVERSTONE HOLDINGS LIMITED 8 2,000,000 10 2,000,000 2,000,000 0.3%
RIVERSTONE INSURANCE LIMITED 8 2,000,000 10 2,000,000 2,000,000 0.3%
NORTHBRIDGE FINANCIAL CORPORATION 8 15,480,000 10 15,480,000 15,480,000 2.7%
FEDERATED INSURANCE COMPANY OF CANADA 8 1,911,800 10 1,911,800 1,911,800 0.3%
NORTHBRIDGE COMMERCIAL INSURANCE CORPORATION 8 1,509,800 10 1,509,800 1,509,800 0.3%
NORTHBRIDGE GENERAL INSURANCE CORPORATION 8 12,058,400 10 12,058,400 12,058,400 2.1%
NORTHBRIDGE PERSONAL INSURANCE CORPORATION 8 1,205,600 10 1,205,600 1,205,600 0.2%
ZENITH INSURANCE COMPANY 8 297,700 10 297,700 297,700 0.1%
BRIT LIMITED 8 7,213,400 10 7,213,400 7,213,400 1.3%
BRIT INSURANCE HOLDINGS LIMITED 8 7,213,400 10 7,213,400 7,213,400 1.3%
BRIT UW LIMITED 8 3,469,267 10 3,469,267 3,469,267 0.6%
BRIT INSURANCE (GIBRALTAR) PCC LIMITED 8 1,786,000 10 1,786,000 1,786,000 0.3%
BRIT SYNDICATES LIMITED 8 1,958,133 10 1,958,133 1,958,133 0.3%

Prem Watsa
Prem Watsa
Fairfax Financial Holdings

Page 1 of 159 – SEC Filing

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D/A

 

 

Under the Securities Exchange Act of 1934
(Amendment No. 8)*

 

BlackBerry Limited

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

09228F103

(CUSIP Number)

 

Paul Rivett

President

Fairfax Financial Holdings Limited

95 Wellington Street West, Suite 800

Toronto, Ontario, Canada, M5J 2N7

Telephone: (416) 367-4941

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

– With a copy to –

 

Jason R. Lehner

Shearman & Sterling LLP

Commerce Court West

199 Bay Street, Suite 4405

Toronto, Ontario M5L 1E8

Telephone (416) 360-8484

 

September 7, 2016

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

 

The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

Page 1 of 159

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!