Fairfax Announces Conversion of Debentures of Ensign Energy Services Inc.
26 Avril 2022 - 11:02PM
Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U)
announces that today it converted C$11,050,000 principal amount of
convertible debentures (the “Convertible Debentures”) of Ensign
Energy Services Inc. (“Ensign”) into 6,314,286 common shares of
Ensign (“Common Shares”). The Convertible Debentures were converted
in accordance with their terms at a price equal to C$1.75 per
Common Share. The Convertible Debentures were converted following
receipt of notice of Ensign’s intention to redeem the Debentures on
June 6, 2022.
As a result of the conversion, Fairfax
beneficially owns and controls (indirectly through its insurance
company subsidiaries) 21,800,886 Common Shares, representing 12.87%
of the issued and outstanding Common Shares and no longer
beneficially owns or controls any Convertible Debentures.
The Common Shares acquired on conversion of the
Convertible Debentures are being acquired by Fairfax for investment
purposes and in the future, it may discuss with management and/or
the board of directors any of the transactions listed in clauses
(a) to (k) of item 5 of Form F1 of National Instrument 62-103 – The
Early Warning System and Related Take-over Bid and Insider
Reporting Issues and it may further purchase, hold, vote, trade,
dispose or otherwise deal in the securities of Ensign, in such
manner as it deems advisable to benefit from changes in market
prices of Ensign securities, publicly disclosed changes in the
operations of Ensign, its business strategy or prospects or from a
material transaction of Ensign, and it will also consider the
availability of funds, evaluation of alternative investments and
other factors.
An early warning report will be filed by Fairfax
in accordance with applicable securities laws and will be available
on SEDAR at www.sedar.com or may be obtained directly from Fairfax
upon request at the telephone number below.
Ensign’s head and registered office is located
at 601-130 Bloor Street West, Toronto, Ontario, M5S 1N5.
Fairfax is a corporation continued under the
Canada Business Corporations Act and is a holding company which,
through its subsidiaries, is primarily engaged in property and
casualty insurance and reinsurance and the associated investment
management.
For further information contact: |
John Varnell, Vice President, Corporate Development at |
|
(416) 367-4941 |
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