1. jaffna_guy's Avatar
    Just because Prem Watsa wasnt able to take BlackBerry private, that doesnt mean his interest in the embattled smartphone maker has diminished.

    The CEO of Fairfax Financial first proved this by putting together a consortium of buyers for a BlackBerry convertible bond offering, which provided the company with a much-needed injection of $1 billion in cash. Now, according to a 13D filing with the SEC, he has substantially upped his stake in the struggling smartphone maker.

    This filing shows that Fairfax now holds 17.7 percent of outstanding shares of BlackBerry compared the 9.9 percent the firm owned when it was attempting to buy out BlackBerry.

    Watsa, who has rejoined the Board and is said to have handpicked John Chen to serve as CEO, clearly wields an immense amount of influence in determining the direction of the company.

    The stock finished down 5 cents on the Nasdaq, and is little changed in after-hours trading.


    Names of reporting person/I.R.S. Identification Nos. of Above Persons (Entities Only): V. PREM WATSA
    Citizenship or place of organization: CANADIAN
    Shared voting power: 101,854,700 (1)
    Shared dispositive power: 101,854,700 (1)
    Aggregate amount beneficially owned by each reporting person: 101,854,700 (1)
    Percent of class represented by amount in Row 11: 17.7% (1) (2)


    https://businessincanada.com/2013/11...in-blackberry/

    SC 13D/A
    sosof likes this.
    11-15-13 10:10 PM
  2. Andrew4life's Avatar
    I thought he said he wasn't going to put any more money into BlackBerry?
    11-15-13 10:35 PM
  3. Rolf Hed's Avatar
    I thought he said he wasn't going to put any more money into BlackBerry?
    Looks like he "doubled down" again...interesting...
    11-15-13 10:42 PM
  4. jaffna_guy's Avatar
    I thought he said he wasn't going to put any more money into BlackBerry?
    He knows something that we dont know for sure. Hope for the best.
    Otech#CB likes this.
    11-15-13 10:49 PM
  5. howarmat's Avatar
    he didnt double down. The 17.7% holding comes from the added 250 "loan" i think plus what shares he already had and also if they inject another 250 million on top of the 250 million they already have
    11-15-13 10:51 PM
  6. Otech#CB's Avatar
    He knows something that we dont know for sure. Hope for the best.
    What he knows is that BlackBerry has potential to be a strong company again. Something I see as well. Whether he doubled or not, he believes enough to invest.

    Posted via CB10
    donmateo likes this.
    11-15-13 10:53 PM
  7. Andrew4life's Avatar
    What he knows thinks is that BlackBerry has potential to be a strong company again. Something I see as well. Whether he doubled or not, he believes enough to invest.

    Posted via CB10
    Fixed your sentence for you.

    No one "knows" for sure. People only think or speculate.
    Otech#CB and mikeycollins13 like this.
    11-15-13 11:05 PM
  8. Otech#CB's Avatar
    Fixed your sentence for you.

    No one "knows" for sure. People only think or speculate.
    It didn't need fixing. People who invest that much money don't really believe that they only think the company has potential. He knows it has potential. What he doesn't know is that if that will take it back to the top.

    Posted via CB10
    11-15-13 11:14 PM
  9. pbfan's Avatar
    he didnt double down. The 17.7% holding comes from the added 250 "loan" i think plus what shares he already had and also if they inject another 250 million on top of the 250 million they already have
    The loan does not increase his share. It can be converted to shares only if PPS is over 10.
    fedakd likes this.
    11-15-13 11:37 PM
  10. KenFletch's Avatar
    Close. They have the option to convert to shares at a $10 price. They can do that anytime. But it would only make sense to do that when the market price is enough over $10 to make that smarter than collecting the interest of course those investors may prefer to have debt for their own reasons. Not clear about paying out the loans early. Too early would no doubt have a penalty

    Posted via CB10
    BB Fightclub likes this.
    11-15-13 11:45 PM
  11. fedakd's Avatar
    These are new shares. The debenture agreement states they can ONLY be converted at $10/share.

    he didnt double down. The 17.7% holding comes from the added 250 "loan" i think plus what shares he already had and also if they inject another 250 million on top of the 250 million they already have
    11-16-13 12:02 AM
  12. app_Developer's Avatar
    The guy who wrote the article/post misunderstood the filing.

    Watsa/Fairfax have not invested any new money in BlackBerry other than the $250M in convertible debt that was part of the recent $1B placement.

    The 17% figure in the filing is only IF Fairfax exercises the option for an additional $250M debt purchase AND subsequently converts all $500M of that debt to equity.

    Right now they just own the slightly under 10% they already had (51.8M shares) and $250M in debt.

    Sent from my Nexus 5 using Tapatalk
    amazinglygraceless likes this.
    11-16-13 12:07 AM
  13. app_Developer's Avatar
    I thought he said he wasn't going to put any more money into BlackBerry?
    He has not put any more money in other than his part of the $1B in convertible debt.

    Sent from my Nexus 5 using Tapatalk
    11-16-13 12:17 AM
  14. howarmat's Avatar
    These are new shares. The debenture agreement states they can ONLY be converted at $10/share.
    they would be new shares but its still part of the 1 billion injection and not additional outside of that agreement
    11-16-13 12:51 AM
  15. jaffna_guy's Avatar
    From the agreement..........

    Until November 13, 2014, Fairfax agreed that neither it nor its affiliates would acquire beneficial ownership of any Common Shares or securities convertible into, or exchangeable or exercisable for, Common Shares if, following any such acquisition, Fairfax and its affiliates would, in the aggregate, beneficially own more than 19.9% of the outstanding Common Shares.

    Until November 13, 2014, Fairfax and its affiliates agreed not to transfer any Common Shares or securities convertible into, or exchangeable or exercisable for, Common Shares, if after such transfer, Fairfax and its affiliates would, in the
    aggregate, own less than 9.9% of the outstanding Common Shares (assuming, for this purpose, the conversion into, or exchange or exercise for, all securities beneficially owned by Fairfax and its affiliates and their joint actors that are convertible into, or exchangeable or exercisable for, Common Shares).
    11-16-13 08:57 AM
  16. KenFletch's Avatar
    Yah the filing says in the notes. That the optional shares are counted. This is because SEC is interested in influence and the debentures can be converted at anytime so the influence exists now.

    Posted via CB10
    11-16-13 09:10 AM
  17. slickvguy's Avatar
    Really not difficult folks. Read! Watsa has not bought a single additional share. Add the debentures and the additional Debentures, and that is what accounts for the difference. Stop believing the incompetent, lazy media stop spreading misinformation, and do your own DD.


    Pursuant to a Subscription Agreement dated November*4, 2013, among BlackBerry Limited, Fairfax Financial Holdings Limited and the other purchasers named therein, and the First Amendment to Subscription Agreement, dated November*7, 2013, among BlackBerry Limited, Fairfax Financial Holdings Limited and the other purchasers named therein (as amended, the Subscription Agreement), Fairfax Financial Holdings Limited (Fairfax) has been granted an option to arrange for the purchase of an additional $250,000,000 principal amount of Debentures (the Additional Debentures) within 30 days of the initial issuance of the Debentures. Fairfax has not exercised this option. However, Rule 13d-3(d)(1) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), provides that a person shall be deemed to be the beneficial owner of a security if that person has the right to acquire beneficial ownership of such security within sixty days, including any right to acquire through the exercise of any option or through the conversion of a security. Therefore, in accordance with Rule 13d-3(d)(1), the Shares of BlackBerry underlying both the Debentures issued to Fairfax and the Shares of BlackBerry underlying the Additional Debentures have been included in the number of shares beneficially owned by the Reporting Persons, where applicable.
    11-17-13 02:25 PM

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