Fairfax India Shareholders Approve One-Time Deviation From Investment Concentration Restriction
January 28 2025 - 4:05PM
Fairfax India Holdings Corporation (“Fairfax India” or the
“Company”) (TSX: FIH.U) is pleased to announce the voting results
from its special meeting of shareholders held on January 28, 2025
(the “
Special Meeting”) in connection with a
proposed one-time deviation from the Company’s investment
concentration restriction set forth in its by-laws (the
“
Investment Concentration Restriction”) in order
to complete the previously announced acquisition of an additional
10% equity interest in Bangalore International Airport Limited (the
“
Additional BIAL Investment”).
The special resolution to approve the one-time
deviation from the Investment Concentration Restriction required
the approval of the holders of multiple voting shares and
subordinate voting shares of the Company, each voting separately as
a class. At the Special Meeting, the special resolution was
approved by (i) 100% of the votes cast by holders of multiple
voting shares, and (ii) approximately 99% of the votes cast by
holders of subordinate voting shares.
Completion of the Additional BIAL Investment
remains subject to receipt of applicable third party consents and
other customary closing conditions. Assuming that the remaining
conditions to closing are satisfied, it is expected that the
Additional BIAL Investment will close in Q1 2025.
About Fairfax India
Fairfax India is an investment holding company
whose objective is to achieve long-term capital appreciation, while
preserving capital, by investing in public and private equity
securities and debt instruments in India and Indian businesses or
other businesses with customers, suppliers or business primarily
conducted in, or dependent on, India.
For further
information, contact: |
John Varnell,
Vice President, Corporate Affairs |
|
(416) 367-4755 |
|
|
This press release may contain forward-looking
statements within the meaning of applicable securities legislation.
Forward-looking statements may relate to the Company’s or an Indian
Investment’s future outlook and anticipated events or results and
may include statements regarding the financial position, business
strategy, growth strategy, budgets, operations, financial results,
taxes, dividends, plans and objectives of the Company.
Particularly, statements regarding future results, performance,
achievements, prospects or opportunities of the Company, an Indian
Investment, or the Indian market are forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate” or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”,
“might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on our
opinions and estimates as of the date of this press release, and
they are subject to known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to the following factors: oil
price risk; geographic concentration of investments; foreign
currency fluctuation; volatility of the Indian securities markets;
investments may be made in foreign private businesses where
information is unreliable or unavailable; valuation methodologies
involve subjective judgments; financial market fluctuations; pace
of completing investments; minority investments; reliance on key
personnel and risks associated with the Investment Advisory
Agreement; disruption of the Company’s information technology
systems; lawsuits; use of leverage; significant ownership by
Fairfax may adversely affect the market price of the subordinate
voting shares; weather risk; taxation risks; emerging markets; MLI;
economic risk; trading price of subordinate voting shares relative
to book value per share risk; and economic disruptions from the
after-effects of the COVID-19 pandemic and the conflicts in Ukraine
and the Middle East. Additional risks and uncertainties are
described in the Company’s annual information form dated March 8,
2024 which is available on SEDAR+ at www.sedarplus.ca and on the
Company’s website at www.fairfaxindia.ca. These factors and
assumptions are not intended to represent a complete list of the
factors and assumptions that could affect the Company. These
factors and assumptions, however, should be considered
carefully.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company does not
undertake to update any forward-looking statements contained
herein, except as required by applicable securities laws.
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