BlackBerry had been paying 3.75-per-cent annual interest on an existing class of debt, largely held by Fairfax, but the conversion price was US$10 a share – well above current market prices, making it unlikely that BlackBerry would ever issue new stock to settle the debt. Dorsey Gardner, a veteran securities analyst from Florida who says he owns about five million BlackBerry shares, went public last week with his complaints about the transaction, saying it would allow Fairfax to own more than 20 per cent of the company, in which case stock exchange rules require a shareholder vote. BlackBerry reports falling revenue everywhere. BlackBerry's deal with Fairfax and others marks the end to the company's review of possible new routes toward revival. Shares of the Waterloo, Ontario, company at last check were up 5.3% to $4.89.
With this deal, one thing which clearly pops-up is, companies across the globe still have not succeed to come-up with any standard/framework to map and value the worth of their intangible assets.
Video, 00:01:43How to get and use the NHS Covid-19 app, 'Vote him out': Trump booed at US Supreme Court. The company will acquire $250 million of the "convertible debentures." Video, 00:01:38Third time's a Mercury Prize for Michael Kiwanuka, How Australia saved 70 stranded pilot whales. However, BlackBerry said the TSX told it Aug. 27 that insider limits would indeed be applied, “reversing the prior conditional approval of the original transaction.” BlackBerry called it “unexpected and disappointing.”, TSX spokeswoman Catherine Kee declined to comment, citing policy against addressing “individual issuer matters.”. Microsoft and Nokia Deal: A Marriage between Two Bleeding Champions. BlackBerry climbs on reports that Fairfax Financial Holdings held talks about acquiring the remaining shares of the company. This is a space where subscribers can engage with each other and Globe staff. Furthermore, TSX rules call for a shareholder vote when a transaction entitles an insider to 10 per cent or more of the company’s shares. Blackberry in $4.7bn takeover deal with Fairfax, Blackberry set for private takeover. He's also a director on the boards of Wells Fargo and Walt Disney. Prior to his involvement with BlackBerry, Chen served as Sybase CEO and chairman. That means: Comments that violate our community guidelines will be removed. Read our. Video, 00:01:43, 'Vote him out': Trump booed at US Supreme Court. BlackBerry said Monday morning that there is no future for the Fairfax Financial deal, valued at $4.7 billion, that was going to take the deeply troubled smartphone maker off the public markets and give it some relative peace as it seeks to turn itself around. By the time Blackberry understood this fact, they were outplayed by other Smart phone players. Fairfax led an investment group that injected $1 billion into BlackBerry last fall in a convertible debt financing deal, including US$250 million from Fairfax. The shares closed on Friday at $7.77. © 2020 TheStreet, Inc. All rights reserved. Your email address will not be published.
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