RIM (RIMM) Shares Move Higher as Major Shareholder Gains Confidence
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Research In Motion Limited (Nasdaq: RIMM) shares are higher on Friday's session following disclosure of an increased investment by one of its largest shareholders.
According to the now-13G filing with the U.S. SEC, Fairfax Financial Holdings acquired an additional 15,050,200 common shares of the company, bringing its total stake to 26,848,500, or about 5.12 percent of total outstanding. Purchases were made on January 25th and 26th, when RIM shares were about 50 cents to $1.00 below the current level.
The acquisition changes the overall position of Fairfax somewhat, moving it up the list of major shareholders of RIM. The largest is still Primecap Management at 5.54 percent, while former co-Chair and co-CEO Mike Lazaridis is at 5.37 percent. Fairfax moves into the second spot at 5.12 percent. The other former co-Chair and co-CEO Jim Balsillie is at 5.09 percent.
RIM shares are holding about 2.5 percent higher today following the disclosure.
According to the now-13G filing with the U.S. SEC, Fairfax Financial Holdings acquired an additional 15,050,200 common shares of the company, bringing its total stake to 26,848,500, or about 5.12 percent of total outstanding. Purchases were made on January 25th and 26th, when RIM shares were about 50 cents to $1.00 below the current level.
The acquisition changes the overall position of Fairfax somewhat, moving it up the list of major shareholders of RIM. The largest is still Primecap Management at 5.54 percent, while former co-Chair and co-CEO Mike Lazaridis is at 5.37 percent. Fairfax moves into the second spot at 5.12 percent. The other former co-Chair and co-CEO Jim Balsillie is at 5.09 percent.
RIM shares are holding about 2.5 percent higher today following the disclosure.
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