FFH.PR.E recently extended with a dividend cut of 39% and I recommended that holders retain their shares in preference to conversion to the FloatingReset issues.
Fairfax did not issue a press release with respect to either the conversion percentage or the first day of listing of the FloatingReset FFH.PR.F on the Toronto Stock Exchange, but TMXMoney reports that there are now 7,915,539 shares of FFH.PR.E outstanding relative to 3,572,044 shares of the FloatingReset FFH.PR.F, so we may calculate a conversion rate of 31%.
Volume of 8,118 shares of FFH.PR.F was reported in a range of 15.65-75.
This was a fairly good result for FFH.PR.F; the FFH.PR.E / FFH.PR.F Strong Pair ended its first day on the market with an implied average three-month bill rate over the next five years of +0.72%, which may seem low, but is the highest rate implied by all other pairs.
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Vital statistics are:
| FFH.PR.E | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-03-31 Maturity Price : 15.68 Evaluated at bid price : 15.68 Bid-YTW : 4.70 % |
| FFH.PR.F | FloatingReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-03-31 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 4.30 % |
Could a new entrty foir FFH.PR.F be added to PrefInfo?
Done!