Street Calls of the Week
LONDON - Hamblin Watsa Investment Counsel Ltd. has decreased its voting rights in Metlen Energy & Metals PLC to 8.35% from 9.25%, according to a regulatory filing published Wednesday.
The Toronto-based investment manager, a wholly owned subsidiary of Fairfax Financial Holdings Limited, crossed below the notification threshold on August 29, with the London Stock Exchange-listed company being notified on September 2.
The filing shows Hamblin Watsa now controls 11,938,047 voting rights in Metlen Energy & Metals through indirect holdings. The investment firm manages these shares on behalf of multiple insurance and reinsurance companies that are direct or indirect subsidiaries of Fairfax Financial Holdings.
Among the shareholders listed in the notification are Newline Insurance Company Limited (UK), Brit Reinsurance (Bermuda) Limited, several U.S.-based insurance companies including Hudson Insurance Company, and entities based in Greece, Germany, Canada, and Ireland.
According to the regulatory disclosure, Hamblin Watsa "has control and discretion over the voting rights attaching to the shares of Metlen Energy & Metals Plc owned by the Shareholders" through investment management agreements.
The notification was made in accordance with the UK’s transparency requirements for major shareholdings, which require investors to disclose when their holdings cross certain thresholds.
The filing indicates that Hamblin Watsa holds no financial instruments related to Metlen Energy & Metals beyond the direct share ownership reported.
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