1. propeller10's Avatar
    source: BlackBerry Ltd (BBRY): Prem Watsa Buys 129,000 Shares
    by Vikas Shukla December 30, 2013

    BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB )s largest shareholder and director Prem Watsa purchased 129,000 shares of the struggling smartphone maker on Christmas Eve. Mr. Watsa acquired those shares at $7.71 a share, reports Ted Dixon of The Globe and Mail . The move indicates that Prem Watsa is still bullish on BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ). A few months ago, he had proposed to buy the entire company at $9 per share, before the deal fell apart. Watsa made his latest purchase indirectly through an Ontario-based company.

    Watsa shows faith in BlackBerry CEO

    After the acquisition deal failed, BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ) raised $1 billion from a consortium of investors led by Fairfax Holdings. Despite the companys heavy losses in the third quarter, investors continue to show faith in the companys new chief executive John Chen. Chen replaced Thorsten Heins on November 4.

    In an attempt to revive BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ), Mr. Chen recently joined hands with Foxconn Technology Co. Ltd. (TPE:2354 ) to manufacture smartphones. The Taiwanese smartphone vendor will design, manufacture and supply devices for BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ). The first smartphone, a low-cost device code named Jakarta, will be launched in April 2014, in Indonesia. It will reduce manufacturing costs and allow BlackBerry to focus on its core software and services business. John Chen aims to make BlackBerry Ltd. (NASDAQ:BBRY ) (TSE:BB ) a profitable company by the end of 2016.

    BlackBerry co-founder reducing holdings

    However, BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ) co-founder Mike Lazaridis recently reduced his stake in the company. In a filing last week, Lazaridis said that he sold 3.5 million shares of the company for about $26.5 million . He still owns 4.99% stake in the company. Ironically, Lazaridis was also involved in a takeover bid to acquire BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ) when its turnaround efforts under Thorsten Heins failed. Lazaridis bearish and Watsas conflicting bullish view on BlackBerry Ltd. (NASDAQ:BBRY ) (TSE:BB ) puts investors in a quandry.

    Evercore Partners analyst Mark Mckechnie said in a research note that Lazaridis should have sold the shares three years ago when BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ) shares were trading above $70. If he held on the stock for so long, and he knows that the companys assets have some value , he should have waited to see what the new management is going to do . Perhaps thats what Prem Watsa is doing.

    BlackBerry Ltd (NASDAQ:BBRY ) (TSE:BB ) shares jumped 3.40% to close at $7.30 on Friday.
    12-30-13 09:18 AM
  2. diegonei's Avatar
    Good for him. I wish I could buy 129000 shares.

    Posted via CB10
    12-30-13 09:24 AM
  3. c_legaspi's Avatar
    Why not, shares are cheap

    Posted via CB10
    12-30-13 02:25 PM
  4. bbmme's Avatar

    Posted via CB10
    12-30-13 09:31 PM
  5. rocker_man1's Avatar
    I bought shares too.... in the form of a Z30!
    01-01-14 12:02 PM

Similar Threads

  1. Out of curiosity, does anyone still buy movies or music?
    By jason9900 in forum General BlackBerry Discussion
    Replies: 346
    Last Post: 01-11-14, 08:31 PM
  2. Reasons Why The Z10 is a Great Buy!
    By zten in forum BlackBerry Z10
    Replies: 57
    Last Post: 01-03-14, 09:22 AM
  3. 50 Reasons the Q10 is a great buy!
    By zten in forum BlackBerry Q10
    Replies: 23
    Last Post: 01-03-14, 09:21 AM
  4. Where to buy, Z10 leather battery door??
    By kb1234 in forum BlackBerry Z10
    Replies: 3
    Last Post: 12-29-13, 11:04 AM