Fairfax announces share buy back

(September 19 – 09:20 ET) – Fairfax Financial Holdings Ltd. says that it plans to buy back up to 955,000 of its subordinate voting shares. The insurance holding company says the shares to be purchased for cancellation represent less than 10% of the public float of the 12,433,383 outstanding subordinate voting shares of Fairfax. The Normal Course Issuer Bid will commence September 20 and may extend until September 19, 2001.

Fairfax says its board of directors has authorized the buy back because it believes that, “in appropriate circumstances the shares represent an attractive investment opportunity for Fairfax and that consequently such purchase will enhance the value of the shares held by the remaining shareholders.”