Chorus Aviation Inc. announces TSX acceptance of normal course issuer bid per
announcement of February 20, 2013
HALIFAX, March 14, 2013 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR.B
CHR.A CHR.DB) today announced that the Toronto Stock Exchange (the "TSX") has
accepted its notice to make a normal course issuer bid ("NCIB") to purchase
for cancellation up to a maximum of 11,093,612 of its Class A Variable Voting
shares and/or Class B Voting shares (collectively, the "Shares"), representing
10% of the public float of the Shares.
As previously announced on February 20, 2013, the directors and management of
Chorus believe that the market price of the Shares during the period of the
bid may be such that the purchase of Shares by Chorus for cancellation would
be in the best interests of Chorus and an appropriate use of corporate funds
in light of potential benefits to remaining shareholders.
As of February 28, 2013, Chorus had 124,413,826 Shares issued and outstanding,
of which 110,936,129 Shares constitute the total public float of the Shares.
Purchases made pursuant to the bid will be made in the open market through the
facilities of the TSX and/or alternative trading systems in accordance with
the requirements of the TSX. Chorus is authorized to commence the bid on or
about March 18, 2013 and have it remain in effect until March 17, 2014. There
can be no assurances as to how many Shares, if any, will be acquired by Chorus
pursuant to this NCIB. Shares purchased by Chorus pursuant to the bid will be
cancelled. On any trading day, Chorus will not purchase more than 86,141
Shares, except where such purchases are made in accordance with the block
purchase exemptions under the TSX rules. Chorus has not purchased any common
shares during the previous year pursuant to any issuer bid.
Caution regarding forward-looking information
Certain statements in this news release may contain statements which are
forward-looking. These forward-looking statements are identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will", "would", and
similar terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.
Forward-looking statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
determinable and other uncertain events. Forward-looking statements, by their
nature, are based on assumptions, including those described below, and are
subject to important risks and uncertainties. Any forecasts or forward-looking
predictions or statements cannot be relied upon due to, amongst other things,
changing external events and general uncertainties of the business. Such
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements to differ
materially from those expressed in the forward-looking statements. Results
indicated in forward-looking statements may differ materially from actual
results for a number of reasons, including without limitation, risks relating
to Jazz Aviation LP's relationship with Air Canada, risks relating to the
airline industry, energy prices, general industry, market, credit, and
economic conditions, competition, insurance issues and costs, supply issues,
war, terrorist attacks, epidemic diseases, acts of God, changes in demand due
to the seasonal nature of the business, the ability to reduce operating costs
and employee counts, secure financing, employee relations, labour negotiations
or disputes, restructuring, pension issues, currency exchange and interest
rates, leverage and restructure covenants in future indebtedness, dilution of
Chorus shareholders, uncertainty of dividend payments, managing growth,
changes in laws, adverse regulatory developments or proceedings, pending and
future litigation and actions by third parties. The forward-looking statements
contained in this discussion represent Chorus' expectations as of March 14,
2013, and are subject to change after such date. However, Chorus disclaims any
intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise, except as
required under applicable securities regulations.
About Chorus Aviation Inc.
Chorus Aviation Inc. ("Chorus") was incorporated on September 27, 2010 and is
a dividend-paying holding company which owns Jazz Aviation LP, and Chorus
Leasing III Inc.
Chorus is traded on the Toronto Stock Exchange under the trading symbols of
CHR.A, CHR.B and CHR.DB.
For more information, visit www.chorusaviation.ca
Manon Stuart(902) 873-5054 Halifax, Nova Scotiamanon.email@example.com
Debra Williams(519) 457-8071 London, Ontariodebra.firstname.lastname@example.org
Nathalie Megann(902) 873-5094 Halifax, Nova
SOURCE: CHORUS AVIATION INC.
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-0- Mar/14/2013 13:21 GMT
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