The CEO of Fairfax Financial 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. As such, 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. This increase is attributable to the increased control Fairfax gains through its purchase of some of the firm’s convertible bond offering.
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.