CALGARY, May 16, 2016 /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 variable voting and common 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
4,000,000 Shares under the normal course issuer bid, representing
3.3 per cent of WestJet's issued and outstanding Shares, as of
April 30, 2016. As of that date,
there were 122,307,705 variable voting and common 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 102,684 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 18, 2016 to May 17, 2017 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 13,
2015 and May 12, 2016, WestJet
completed the purchase of 5,348,121 Shares under its previous
normal course issuer bid at a volume weighted average price of
$22.56 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 highest-rated airline for customer
service, powered by an award-winning culture of care and recognized
as one of the country's top employers. We offer scheduled service
to 100 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 150
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 vacations packages on any day,
at any time, to any WestJet destination with no blackout periods ̶
even on seat sales. For more information about everything WestJet,
please visit westjet.com.
Recent recognition includes:
2015/2011/2010/2008/2007/2006/2005 Canada's Most Admired Corporate Culture
(Waterstone Human Capital)
2015 Best Employers in Canada
(Aon Hewitt)
2015/2014/2013 WestJet RBC World Elite MasterCard ranked #1 in
Canada (MoneySense magazine)
2014/2013 WestJet RBC World Elite MasterCard ranked #1 in the
Canada's Choice ranking
(RewardsCanada.ca)
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)
2014/2013/2012/2011 Highest equity score: airline, vacation package
supplier brands (Harris/Decima EquiTrend Study)
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Read the WestJet blog at blog.westjet.com
SOURCE WestJet