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Technology Stocks : BB: BlackBerry (fka RIMM: Research in Motion)

BB 3.765

-13.0%

Dec 19 3:59 PM EST

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From: kidl	8/27/2020 9:18:38 AM
	of 1832

Globe says BlackBerry holder frets over Watsa's plans BlackBerry Ltd (C:BB) Shares Issued 556,351,418 Last Close 8/26/2020 $6.70 Thursday August 27 2020 - In the News Also Fairfax Financial Holdings Ltd (C:FFH) In the News The Globe and Mail reports in its Thursday edition that a BlackBerry minority shareholder has asked regulators to require shareholder approval of a debt refinancing that he says could allow Prem Watsa's Fairfax Financial Holdings to gain a control of the company. The Globe's Josh O'Kane writes that BlackBerry said in a news release on July 22 that it planned to refinance $605-million of convertible 3.75-per-cent debentures by Sept. 1, ahead of their November maturity date (all figures U.S.). Fairfax would exchange $500-million worth of these for new three-year 1.75-per-cent notes, while another unnamed investor would finance $35-million of the new notes. Dorsey Gardner, a veteran securities analyst from Florida who says he owns about five million BlackBerry shares, is warning that the terms of the new notes would make it more enticing for Fairfax to convert its new notes to equity -- adding an additional nearly 13 per cent to its interest, potentially giving it a controlling share of more than 20 per cent. Mr. Gardner has approached the Ontario Securities Commission, the New York Stock Exchange and Toronto Stock Exchange to force BlackBerry to seek approval from disinterested shareholders in order to proceed. © 2020 Canjex Publishing Ltd.

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