FFH.PR.K : No Conversion to FloatingReset

Fairfax could not be bothered to issue a press release to let its financers know what’s going on, but today I contacted their investor relations department and spoke to a man whose ghastly job is to speak to people like me.

Insufficient shares were tendered to allow the conversion to proceed, but the precise number tendered is some kind of Top Secret corporate intelligence. If the Russians were to be found out – or the Chinese! – the pillars of western capitalism would be imperilled.

Assiduous Readers will remember that I recommended against conversion after the reset to 4.671% for FFH.PR.K.

So FFH.PR.K is now a FixedReset, 4.671%+351. It is tracked by HIMIPref™ but is relegated to the Scraps sub-index on credit concerns.

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