BlackBerry co-founder Mike Lazaridis sells $26 million in shares - InfoNews

Current Conditions

Clear
-2.8°C

BlackBerry co-founder Mike Lazaridis sells $26 million in shares

In this Oct. 18, 2011 file photo, Mike Lazaridis, co-CEO of Research in Motion gestures in San Francisco. THE CANADIAN PRESS/AP, Eric Risberg
December 24, 2013 - 2:10 PM

TORONTO, Cananda - Mike Lazaridis has cashed in shares of BlackBerry, making US$26 million in the process, as he lessens his stake in the smartphone company he helped create.

Documents filed with U.S. regulators on Tuesday show that a numbered company registered in Ontario — and controlled by Lazaridis — has sold 3.5 million shares in BlackBerry since Monday.

The first sale was made on Monday when 3.17 million shares were sold at an average price of $7.55 on the open market.

The second transaction came on Christmas Eve Day when the same numbered company sold 333,107 shares at an average price of $7.63.

In total, the transactions reaped $26.5 million.

Both sales were made through 1258701 Ontario Ltd., an investment holding company, according to the documents from the U.S. Securities and Exchange Commission.

In October, the numbered company was part of an effort by BlackBerry co-founders Lazaridis and Doug Fregin to submit a bid for BlackBerry when the Waterloo, Ont.-based firm was hunting for potential buyers.

Plans to sell the company were eventually scrapped when Fairfax Financial (TSX:FFX), one of BlackBerry's largest shareholders, came up with a plan to raise a billion dollars in hopes to resuscitate the struggling company instead.

Major changes were made almost immediately, with the hiring of John Chen as chairman and chief executive officer. Chen previously helped turn around Sybase, a data management company.

Last week, BlackBerry (TSX:BB) reported a quarterly loss of US$4.4-billion as sales of its smartphones continued to decline. Chen delivered the clearest plan for the company's future yet, which stoked investor optimism.

Shares of BlackBerry have been on the upswing, rising 24 per cent since the financial results were released.

On Tuesday, the company's badly beaten stock hit its highest levels since late October, before the plan to sell BlackBerry was sidelined.

BlackBerry shares closed up 27 cents to $8.25 on the Toronto Stock Exchange.

A company spokeswoman said BlackBerry had no comment.

___

For more BlackBerry coverage, follow David Friend on Twitter.

http://www.twitter.com/dj_friend

News from © The Canadian Press, 2013
The Canadian Press

  • Popular kamloops News
  • Comments
  • Fatburger franchise location for sale in Kamloops
    There's a chance Kamloops could be home to a Fatburger restaurant. A Fatburger franchise location is for sale in the city, according to a listing on businessnesforsale.com. The n
  • New mountain highway proposed between Red Deer and Kamloops
    An Alberta development group is pitching the idea of a new highway linking central Alberta to B.C. cutting through the mountains and a section of Banff National Park. The Central Alberta Eco
  • Kamloops firefighter back at work after co-workers saved his life
    Four months after his co-workers saved his life, a Kamloops firefighter is back at work. Mike Silva has been working with Kamloops Fire Rescue for 15 years and was enjoying some time off in
  • Pier 1 closing all of its stores in Canada
    Pier 1 Imports, Inc. announced today that it has entered into bankruptcy protection and is pursuing a sale. The retailer  commenced voluntary Chapter 11 proceedings in the U.S. Bankrupt
  • Vernon family captures mesmerizing melting ice
    A Vernon family was on their way home from Kelowna when they made a pit stop after noticing a beautiful scene along Wood Lake. Matthew Royal and his daughters noticed how “cool”
View Site in: Desktop | Mobile