WestJet announces normal course issuer bid
CALGARY, Feb. 14, 2013
CALGARY, Feb. 14, 2013 /PRNewswire/ - WestJet Airlines Ltd. (TSX:WJA)
announced today that the Toronto Stock Exchange ("TSX") has accepted its
notice 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 now authorized to purchase up to 6,616,543
Shares under the normal course issuer bid, representing 5.0 per cent of
WestJet's currently issued and outstanding Shares. As of January 31, 2013,
there are 124,060,098 common voting shares and 8,270,767 variable voting
shares issued and outstanding. On any trading day, WestJet will not purchase
more than 84,090 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 February 19, 2013
to February 18, 2014 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
During the period between February 10, 2012 and February 9, 2013, WestJet
completed the purchase and cancellation of 6,914,318 Shares under its previous
normal course issuer bid at a volume weighted average price of $16.20 per
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 will also offset the dilutive
effect of the issuance of Shares pursuant to WestJet's compensation plans.
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.
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.
WestJet is Canada's most preferred airline, offering scheduled service to 85
destinations in North America, Central America and the Caribbean. Powered by
an award-winning culture of care, WestJet pioneered low-cost flying in Canada.
Recognized nationally as a top employer, WestJet now has more than 9,000
WestJetters across Canada. Operating a fleet of more than 100 Boeing
Next-Generation 737 and Bombardier Q400 NextGen aircraft, WestJet strives to
be one of the five most successful international airlines in the world.
Connect with WestJet on Facebook at www.facebook.com/westjet
Follow WestJet on Twitter at www.twitter.com/westjet
Subscribe to WestJet on YouTube at www.youtube.com/westjet
WestJet Media Relations
WestJet Investor Relations
Press spacebar to pause and continue. Press esc to stop.