CALGARY, May 8, 2015 /PRNewswire/ - WestJet Airlines Ltd.
(TSX:WJA) announced today that the Toronto Stock Exchange (TSX) has
accepted its notice of intention to make a normal course issuer bid
to purchase outstanding common voting and variable voting shares
(the Shares) on the open market in accordance with the rules of the
TSX.
As approved by the TSX, WestJet is authorized to
purchase up to 2,000,000 Shares under the normal course issuer bid,
representing 1.6 per cent of WestJet's currently issued and
outstanding Shares. As of April 30,
2015, there are 107,674,128 common voting shares and
18,561,703 variable voting shares issued and outstanding. On any
trading day, WestJet will not purchase more than 25 per cent of the
average daily trading volume of the Shares for the past six months
calculated in accordance with the rules of the TSX, being 117,903
Shares, except where such purchases are made in accordance with the
block purchase exemptions under the TSX rules.
WestJet is authorized to make purchases during the
period of May 13, 2015 to
May 12, 2016 or until such earlier
time as the bid is completed or terminated at the option of
WestJet. Any Shares WestJet purchases under this bid will be
purchased on the open market through the facilities of the TSX at
the prevailing market price at the time of such transaction. Shares
acquired under the bid will be cancelled. TD Securities Inc. will
be appointed as the broker firm responsible for making purchases of
Shares under the bid on behalf of WestJet.
During the period between May 8, 2014 and May 7,
2015, WestJet completed the purchase of 2,000,000 Shares
under its previous normal course issuer bid at a volume weighted
average price of $29.92 per
Share.
WestJet believes that, from time to time, the
market price of its Shares may not reflect their underlying value.
At such times, the purchase of Shares for cancellation may be
advantageous to shareholders by increasing the value of the
remaining Shares. The purchase of Shares may also offset the
dilutive effect of the issuance of Shares pursuant to WestJet's
compensation plans.
From time to time, when WestJet does not possess
material non-public information about itself or its securities, it
may enter into an automatic securities purchase plan with its
broker to allow for the purchase of Shares at times when WestJet
ordinarily would not be active in the market due to its own
internal trading blackout periods and insider trading rules. Any
such plans entered into with WestJet's broker will be adopted in
accordance with the requirements of applicable Canadian securities
laws and subject to prior approval by the TSX.
Caution regarding forward-looking
statements
This news release contains certain statements that may constitute
forward-looking information within the meaning of applicable
securities laws. This information includes, but is not limited to
WestJet's intentions with respect to the normal course issuer bid
and purchases thereunder and the effects of repurchases under the
bid. This information is based upon certain material factors or
assumptions that were applied in drawing a conclusion or making a
projection as reflected in the forward-looking information. By its
nature, this information is subject to inherent risks and
uncertainties that may be general or specific. A variety of
material factors - many of which are beyond WestJet's control -
affect the operations, performance and results of WestJet and its
business and could cause actual results to differ materially from
the expectations expressed in any of this forward-looking
information. Purchases made under the normal course issuer bid are
not guaranteed and may be suspended at the discretion of WestJet's
Board of Directors.
The forward-looking information in this news
release is current to the date hereof, and is subject to change
following such date. While WestJet may elect to do so, unless
required by applicable law, it undertakes no obligation to update
this information to reflect new information or circumstances at any
particular time. Additional information about the risks and
uncertainties about WestJet's business is provided in its
disclosure materials, including its annual information form, filed
with the securities regulatory authorities in Canada, available at www.sedar.com.
About WestJet
We are proud to be Canada's
most-preferred airline, powered by an award-winning culture of care
and recognized as one of the country's top employers. We offer
scheduled service to more than 90 destinations in North America, Central America, the Caribbean and Europe. Through our regional airline, WestJet
Encore, and with partnerships with airlines representing every
major region of the world, we offer our guests more than 120
destinations in more than 20 countries. Leveraging WestJet's
extensive network, flight schedule and remarkable guest experience,
WestJet Vacations delivers affordable, flexible travel experiences
with a variety of accommodation options for every guest. Members of
our WestJet Rewards program earn WestJet dollars on flights,
vacation packages and more. Our members use WestJet dollars towards
the purchase of WestJet flights and vacation packages on any day,
at any time, to any WestJet destination with no blackout
periods ΜΆ even on seat sales. For more information
about everything WestJet, please visit westjet.com.
Recent recognition includes:
2015 Best Employers in Canada
(Aon Hewitt)
2014 Interbrand Canada's Best Canadian Brands (Rank #20)
2014 Brands of the Year (Strategy magazine)
2014 Canada's Most Preferred Airline (Ipsos)
2014 Value Airline of the Year (Air Transport World magazine)
2014/2013/2012 Canada's Most
Attractive Employer (Randstad)
2014/2013 WestJet RBC MasterCard ranked #1 in Canada (Money Sense magazine and
RewardsCanada.ca)
2014/2013/2012/2011 Highest equity score: airline, vacation package
supplier brands (Harris/Decima EquiTrend Study)
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facebook.com/westjet
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Read the WestJet blog at blog.westjet.com
SOURCE WestJet