A freshly-amended 13D filing with the Securities and Exchange Commission revealed that Prem Watsa‘s Fairfax Financial Holdings and some other institutional investors have signed a ‘Subscription Agreement’ with Blackberry Ltd (NASDAQ:BBRY). Under this agreement, Fairfax and other institutional investors shall invest in the company through a $605 million private placement of 3.75% unsecured convertible debentures convertible into shares of Blackberry at a price of $10 per share. The outstanding 6.00% unsecured subordinated convertible debentures of Blackberry that were previously issued (November 13, 2013, and January 16, 2014) on a private placement basis for an aggregate subscription price of $1.00 billion and $250.00 million respectively were redeemed. On September 7, under this agreement, Fairfax Financial Holdings obtained $500 million principal amount of the 3.75% debentures, which will be due November 13, 2020.
The filing also revealed that Fairfax Financial Holdings raised its stake in Blackberry (NASDAQ:BBRY) to 96.72 million common shares, which amass 16.9% of the company’s outstanding stock. Previously, the fund held some 50 million fewer shares, or 46.72 million common shares, plus 500 million principal amount of 6.00% debentures convertible, as per its 13F filing for the reporting period of June 30.
Blackberry is a multinational telecommunications and wireless equipment company widely known for its BlackBerry brand of smartphones and tablets. Its professional services and products contain BlackBerry Technology Solutions, Devices, Enterprise Solutions and Services, and Messaging. Over the past 12 months, the company’s stock is up by 2.71%. For the first quarter of its fiscal year 2017, Blackberry disclosed flat earnings per share, topping the estimates of a loss per share of $0.08, while its revenue of $424 million also topped the estimates of $377.06 million. Recently, Wells Fargo & Co. reiterated its ‘Positive’ rating on Blackberry’s stock with a price target of $7.62, while TD Securities reiterated its ‘Buy’ rating on the stock with a price target of $9, and JPMorgan Chase & Co. boosted its price target to $8.00 from $7.00 and has a ‘Neutral’ rating on it.
The number of hedge funds in our database (which includes 749 investors which filed 13Fs during the June quarter) long Blackberry (NASDAQ:BBRY) decreased by four in the second quarter, as at the end of June there were 20 smart money managers bullish on the stock. Among them were Jim Simons’ Renaissance Technologies, which held a position valued at $107.11 million, Francis Chou’s Chou Associates Management, with a position worth around $3.55 million, Ken Griffin’s Citadel Investment Group, George Hall’s Clinton Group, and Paul Cantor, Joseph Weiss, and Will Wurm’s Beech Hill Partners.
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Some of the investors that dumped Blackberry (NASDAQ:BBRY) during the quarter encompassed Solomon Kumin’s Folger Hill Asset Management, which sold off its position worth around $1.04 million at the end of March, William Charters and Mario Marcon’s Sabal Capital Management, which said goodbye to $971,000 worth of Blackberry’s shares, Matthew Tewksbury’s Stevens Capital Management, and Sheetal Duggal’s Thrax Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| V. PREM WATSA | 8 | 96,724,700 | 10 | 96,724,700 | 96,724,700 | 16.9% |
| 1109519 ONTARIO LIMITED | 8 | 96,724,700 | 10 | 96,724,700 | 96,724,700 | 16.9% |
| THE SIXTY TWO INVESTMENT COMPANY LIMITED | 8 | 96,724,700 | 10 | 96,724,700 | 96,724,700 | 16.9% |
| 810679 ONTARIO LIMITED | 8 | 96,724,700 | 10 | 96,724,700 | 96,724,700 | 16.9% |
| FAIRFAX FINANCIAL HOLDINGS LIMITED | 8 | 96,724,700 | 10 | 96,724,700 | 96,724,700 | 16.9% |
| FFHL GROUP LTD | 8 | 84,812,700 | 10 | 84,812,700 | 84,812,700 | 14.8% |
| ADVENT CAPITAL (HOLDINGS) LTD | 8 | 2,660,000 | 10 | 2,660,000 | 2,660,000 | 0.5% |
| ADVENT CAPITAL (NO | 8 | 2,660,000 | 10 | 2,660,000 | 2,660,000 | 0.5% |
| CRC REINSURANCE LIMITED | 8 | 3,594,100 | 10 | 3,594,100 | 3,594,100 | 0.6% |
| FAIRFAX (US) INC | 8 | 60,119,300 | 10 | 60,119,300 | 60,119,300 | 10.5% |
| CLEARWATER INSURANCE COMPANY | 8 | 4,513,649 | 10 | 4,513,649 | 4,513,649 | 0.8% |
| ZENITH NATIONAL INSURANCE CORP | 8 | 4,597,500 | 10 | 4,597,500 | 4,597,500 | 0.8% |
| ZENITH INSURANCE COMPANY | 8 | 4,597,500 | 10 | 4,597,500 | 4,597,500 | 0.8% |
| TIG HOLDINGS, INC | 8 | 7,373,500 | 10 | 7,373,500 | 7,373,500 | 1.3% |
| TIG INSURANCE COMPANY | 8 | 7,373,500 | 10 | 7,373,500 | 7,373,500 | 1.3% |
| ODYSSEY US HOLDINGS INC | 8 | 32,771,400 | 10 | 32,771,400 | 32,771,400 | 5.7% |
| ODYSSEY RE HOLDINGS CORP | 8 | 32,771,400 | 10 | 32,771,400 | 32,771,400 | 5.7% |
| ODYSSEY REINSURANCE COMPANY | 8 | 17,936,644 | 10 | 17,936,644 | 17,936,644 | 3.1% |
| HUDSON INSURANCE COMPANY | 8 | 1,684,000 | 10 | 1,684,000 | 1,684,000 | 0.3% |
| NEWLINE HOLDINGS UK LIMITED | 8 | 1,554,457 | 10 | 1,554,457 | 1,554,457 | 0.3% |
| NEWLINE INSURANCE COMPANY LIMITED | 8 | 102,880 | 10 | 102,880 | 102,880 | 0.0% |
| NEWLINE CORPORATE NAME LIMITED | 8 | 1,451,577 | 10 | 1,451,577 | 1,451,577 | 0.3% |
| CLEARWATER SELECT INSURANCE COMPANY | 8 | 1,000,000 | 10 | 1,000,000 | 1,000,000 | 0.2% |
| CRUM FORSTER HOLDINGS CORP | 8 | 10,863,251 | 10 | 10,863,251 | 10,863,251 | 1.9% |
| UNITED STATES FIRE INSURANCE COMPANY | 8 | 10,863,251 | 10 | 10,863,251 | 10,863,251 | 1.9% |
| THE NORTH RIVER INSURANCE COMPANY | 8 | 3,950,000 | 10 | 3,950,000 | 3,950,000 | 0.7% |
| RIVERSTONE HOLDINGS LIMITED | 8 | 2,000,000 | 10 | 2,000,000 | 2,000,000 | 0.3% |
| RIVERSTONE INSURANCE LIMITED | 8 | 2,000,000 | 10 | 2,000,000 | 2,000,000 | 0.3% |
| NORTHBRIDGE FINANCIAL CORPORATION | 8 | 15,480,000 | 10 | 15,480,000 | 15,480,000 | 2.7% |
| FEDERATED INSURANCE COMPANY OF CANADA | 8 | 1,911,800 | 10 | 1,911,800 | 1,911,800 | 0.3% |
| NORTHBRIDGE COMMERCIAL INSURANCE CORPORATION | 8 | 1,509,800 | 10 | 1,509,800 | 1,509,800 | 0.3% |
| NORTHBRIDGE GENERAL INSURANCE CORPORATION | 8 | 12,058,400 | 10 | 12,058,400 | 12,058,400 | 2.1% |
| NORTHBRIDGE PERSONAL INSURANCE CORPORATION | 8 | 1,205,600 | 10 | 1,205,600 | 1,205,600 | 0.2% |
| ZENITH INSURANCE COMPANY | 8 | 297,700 | 10 | 297,700 | 297,700 | 0.1% |
| BRIT LIMITED | 8 | 7,213,400 | 10 | 7,213,400 | 7,213,400 | 1.3% |
| BRIT INSURANCE HOLDINGS LIMITED | 8 | 7,213,400 | 10 | 7,213,400 | 7,213,400 | 1.3% |
| BRIT UW LIMITED | 8 | 3,469,267 | 10 | 3,469,267 | 3,469,267 | 0.6% |
| BRIT INSURANCE (GIBRALTAR) PCC LIMITED | 8 | 1,786,000 | 10 | 1,786,000 | 1,786,000 | 0.3% |
| BRIT SYNDICATES LIMITED | 8 | 1,958,133 | 10 | 1,958,133 | 1,958,133 | 0.3% |
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Page 1 of 159 – SEC Filing
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| SECURITIES AND EXCHANGE COMMISSION |
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| Washington, D.C. 20549 |
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| SCHEDULE 13D/A |
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Under the Securities Exchange Act of 1934
(Amendment No. 8)*
BlackBerry Limited
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09228F103
(CUSIP Number)
Paul Rivett
President
Fairfax Financial Holdings Limited
95 Wellington Street West, Suite 800
Toronto, Ontario, Canada, M5J 2N7
Telephone: (416) 367-4941
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
– With a copy to –
Jason R. Lehner
Shearman & Sterling LLP
Commerce Court West
199 Bay Street, Suite 4405
Toronto, Ontario M5L 1E8
Telephone (416) 360-8484
September 7, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
