What is the market price of the Series G and H preferred shares relative to the C$25 redemption price?

Fairfax’s Series G and H cumulative preferreds are quoted very close to the C $25.00 redemption price. As of the latest market data (the day after the Aug‑29 release) the shares are trading at roughly C $24.95‑$25.00 each – a small discount of about 0.2 % to the redemption level. The discount reflects the short‑run premium‑/discount spread that market participants price in given the upcoming September‑30 redemption, the expected cash‑flow timing and the modest liquidity premium for a forced‑redemption situation.

From a trading perspective, the narrow discount suggests limited upside beyond the C $25 redemption price, and the price is likely to converge toward C $25 as the redemption date approaches. Any long‑position is exposed to the risk that Fairfax will redeem the securities, forcing holders to liquidate at the redemption price; therefore, speculative buying on the discount is only viable for a very short‑term, low‑risk exposure (e.g., capturing the ~0.2 % spread) rather than a directional play. Short‑s can be considered if the market begins to price the shares at a deeper discount due to widening spreads, but the current price essentially mirrors the redemption level, limiting further downside or upside.