BlackBerry Ltd (BBRY) (BB) extended the deadline of the previously announced investor option to purchase its convertible debentures until January 13. The extension allows the company to update its financial information for prospective investors.
BlackBerry on convertible debtBlackBerry Ltd ( BBRY) ( BB) said, "If the option is exercised, the purchase of the additional convertibles will be completed on or before January 16." The Canadian smartphone manufacturer offered $1 billion worth of convertible debentures last November 13 to raise funds after abandoning its plan to sell itself. Fairfax Financial Holdings Ltd ( FFH) OTCMKTS:FRFHF, the insurance holding controlled by Prem Watsa, agreed to purchase $250 million worth of convertible debentures instead of pursuing its previous proposal to takeover BlackBerry Ltd ( BBRY) ( BB) for $4.7 billion. Watsa explained that his firm dropped its takeover bid after conducting due diligence and concluded that a leveraged buyout with high-yield debt and high interest rate was not appropriate for the smartphone manufacturer.
Investments in BlackBerry's convertible debtAside from Fairfax Financial Holdings Ltd ( FFH) OTCMKTS:FRFHF, Canso Investment Counsel, Mackenzie Financial, Markel Corporation ( MKL), Qatar Holding, Manulife Financial Corp. ( MFC) ( MFC) and Brookfield Asset Management Inc. ( BAM) invested in BlackBerry's convertible debt offering. John Chen, the newly appointed CEO of BlackBerry Ltd NASDAQ;BBRY ( BB) is committed to reclaiming the success of the company, and emphasized that its management team is accelerating efforts to transform its business. According to him, there are a lot of things to be done to revive the embattled smartphone manufacturer and he is prepared to face the challenges and make tough decisions to revive the company. According to him, BlackBerry Ltd ( BBRY) ( BB) has significant financial strength for the long haul. "I believe in the value of this brand. With the right team and right strategy in place, I am confident that we will rebuild BlackBerry for the benefit of all of our constituencies," said Chen in his previous letter.
RMHS selects BlackBerry Enterprise Service 10The Canadian smartphone maker recently announced that Rocky Mountain Human Services RMHS selected its BlackBerry Enterprise Service 10 BES, its enterprise mobility management EMM solution along with the BlackBerry Z10 smartphone to improve its mobile productivity.
Annie Davies, spokesperson for RMHS said, "The productivity benefits on the BlackBerry Z10 smartphone are unmatched, empowering our employees to be as engaged on-the-go as they are in the office. Our employees often require access to confidential information while in the field. The Citrix Receiver application allows for a seamless transition from employee workstations to our BlackBerry Z10 smartphones, because we can access the same applications and files securely behind our corporate firewall."-By Marie Cabural