Fairfax Financial Holdings Ltd (TSE:FFH) has released an update.
Fairfax Financial Holdings has bought back 275,000 subordinate voting shares from its CEO, Prem Watsa, for about US$304.3 million, a move unanimously approved by independent directors and deemed beneficial for all shareholders. The repurchased shares, which were bought at a 3.7% discount to their recent closing price, are part of an ongoing effort by Fairfax to buy back shares when the market price doesn’t reflect their intrinsic value. Watsa’s sale, which is a small fraction of his holdings, was motivated by estate planning reasons and he reaffirmed his commitment to the company, stating it is not for sale and expressing optimism for its future.
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