November 16, 2018 | Local, C4ISR, Security
HALIFAX — Defence Minister Harjit Sajjan says Russia's disruptive behaviour on the world stage is a key concern for Canada.
Sajjan made the remark Friday at the opening of the Halifax International Security Forum, a three-day event that has attracted security experts and politicians from around the world.
The minister cited Russia's annexation of Crimea and its aggressive posture toward neighbouring Georgia as examples of a worrisome trend.
"The disruptive nature that Russia has taken, it goes against the rules-based order that we're used to," he told a news conference at a downtown hotel.
He said the recent commemorations marking the 100th anniversary of the end of the First World War serve as a poignant reminder of the fragility of democratic institutions.
"It's even more important now that nations act in a responsible manner; that we do not provoke," he said.
"Unfortunately, because of the actions that Russia has taken, we do need to make sure we send a strong message of deterrence, and with NATO we are doing that."
Canada has taken a particular interest in confronting Russia's use of so-called hybrid warfare, which blends conventional warfare and cyber-warfare to destabilize democracies, Sajjan said.
Peter Van Praagh, president of the Halifax International Security Forum, said Russia's internal struggles have had an impact on the rest of the world.
"Russia is a great country historically, but Russia is also a failing country, simultaneously," Van Praagh told reporters.
"Russia is struggling with both of those things going on at the same time."
On Saturday, a panel of experts will take part in a discussion titled: "Beijing's Cravings, Kremlin's Gremlins: Freedom's Foes."
"Russia doesn't have the same advanced tools that Canada and NATO has," Van Praagh said. "Russia is using different tools to exert influence ... We can't allow Russia or any other country to interfere in the operations of domestic democracies."
The conference, which has attracted 300 delegates from 70 countries, is being held in conjunction with a meeting of the NATO Parliamentary Assembly.
Van Praagh also cited the end of the First World War 100 years ago, saying delegates to the conference will be keeping that key event in mind.
"Looking at 1918 through the prism of 100 years is a good reminder of the cost of war," he said. "It is also a reminder of our responsibility to protect our democracy. The work of democracy is never quite complete."
It's the fourth time Sajjan has attended the security conference as defence minister.
He said other key issues that require delegates' attention include the conflicts in Syria and Yemen, ongoing political changes on the Korean peninsula and Canada's renewed role as an international peacekeeper.
"For a decade, (the forum) has been the place to discuss global defence and security issues that define our times," he said.
Among those invited to speak at the forum is U.S. Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff. Dunford is the highest-ranking military officer in the United States and an adviser to President Donald Trump.
The delegates to the forum are almost exclusively from democratic regimes.
Michael MacDonald, The Canadian Press
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HONG KONG, Jan. 15, 2019 /CNW/ - Seaspan Corporation (NYSE: SSW) ("Seaspan") announced today the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax Financial Holdings Limited and its affiliates (collectively, "Fairfax") in Seaspan. As with Fairfax's initial $500 million investment in Seaspan, and pursuant to definitive agreements entered into on March 13, 2018 and announced on March 14, 2018, this second tranche of funding (the "Second Fairfax Investment") is structured as a $250 million issuance of (i) 5.50% senior notes due 2026 and (ii) approximately 38.46 million warrants (the "2019 Warrants"). Pursuant to a definitive agreement entered into and announced on May 31, 2018, Fairfax has agreed to immediately exercise the 2019 Warrants at an exercise price of $6.50per warrant, for additional equity proceeds to Seaspan of $250 million. As a result, Seaspan's aggregate proceeds from the Second Fairfax Investment will be $500 million. This brings Fairfax's total investment in Seaspan to $1 billion, the proceeds of which will be used to fund future growth initiatives, repay debt and for general corporate purposes. With the closing of the Second Fairfax Investment, Fairfax's aggregate shareholdings in Seaspan are 76.9 million Class A common shares or approximately 36% of shares outstanding. Fairfax continues to hold the 25 million seven year warrants, with an exercise price of $8.05, which were issued to it on July 16, 2018. Summary of Fairfax Investments1 Investment Date Issued/Exercised Proceeds to Seaspan 2025 Notes February 14, 2018 $250 million 2018 Warrants July 16, 2018 $250 million 2026 Notes January 15, 2019 $250 million 2019 Warrants January 15, 2019 $250 million 1 Does not include the 25 million seven year warrants outstanding as of the date hereof David Sokol, Chairman of Seaspan Corporation commented, "The closing of this follow-on Fairfax investment bolsters Seaspan's balance sheet for the future. Seaspan's management team and Board of Directors are proud to continue building upon the strong partnership created with Fairfax. This additional investment will enhance Seaspan's ability to execute on our long-term goals of deleveraging, strengthening our balance sheet, and creating value through disciplined and thoughtful capital allocation." Prem Watsa, Chairman and Chief Executive Officer of Fairfax said, "With the closing of this investment, we are excited to expand our partnership with Seaspan, which now represents one of Fairfax's largest investments." About Seaspan Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis. Seaspan has the following securities listed on The New York Stock Exchange: Symbol: Description: SSW Class A common shares SSW PR D Series D preferred shares SSW PR E Series E preferred shares SSW PR G Series G preferred shares SSW PR H Series H preferred shares SSW PR I Series I preferred shares SSWN 6.375% senior unsecured notes due 2019 SSWA 7.125% senior unsecured notes due 2027 SSW25 5.500% senior notes due 2025 About Fairfax Financial Holdings Limited Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Investor Inquiries: Mr. Matt Borys Investor Relations Seaspan Corporation Tel. +1-778-328-5340 Email: mborys@seaspanltd.ca SOURCE Seaspan Corporation https://www.newswire.ca/news-releases/seaspan-announces-closing-of-second-500-million-investment-by-fairfax-financial-holdings-limited-848167000.html