Canso Investment Becomes Third-Largest BlackBerry Holder

Corrected

Canso Investment Counsel Ltd. reported a 5.4 percent passive stake in BlackBerry Ltd, through a $300 million convertible debenture it holds in the smartphone maker, according to a U.S. securities filing on Thursday.

Canso participated in a $1 billion convertible-bond sale in November 2013. The sale helped Waterloo, Ontario-based BlackBerry shore up its finances after a plan by Fairfax to take the company private fell apart. The bonds can be converted into stock at $10 a share.

BlackBerry’s shares have risen 85 percent in Canadian trading since Chief Executive Officer John Chen took over shortly before the bond sale and began working to diversify the company’s business into software and services.

The company’s stock fell 1 percent to C$12.50 at 3:51 p.m. in Toronto on Thursday.