HALIFAX,
NS, Nov. 6, 2024 /CNW/ - Chorus Aviation Inc.
(TSX: CHR) ("Chorus") announced today that it has
received approval from the Toronto Stock Exchange (the
"TSX") respecting the renewal of its Normal Course Issuer
Bid ("NCIB" or the "bid"). Pursuant to the
documentation filed with the TSX, Chorus may purchase for
cancellation up to a maximum of 14,826,478 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 of November 4, 2024, calculated in accordance with
TSX rules.
The directors and management of Chorus believe that the purchase
of Shares for cancellation during the period of the bid may be an
appropriate and desirable use of Chorus' funds that is in the best
interests of Chorus and beneficial to its shareholders. Chorus
intends to make purchases on an opportunistic basis, taking Share
price and other considerations into account.
As of November 4, 2024, Chorus had
191,108,856 Shares issued and outstanding, of which 148,264,785
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 Canadian trading
systems at the market price at the time of the purchases in
accordance with the rules of the TSX and applicable securities
laws. On any trading day, Chorus will not purchase more than
82,857 Shares, representing 25% of the average daily trading
volume for the six months ended October 31,
2024 (being 331,431 Shares), except where such
purchases are made in accordance with the block purchase exemptions
under the TSX rules. Purchases under the renewed NCIB may commence
on November 14, 2024 and will
conclude on the earlier of the date on which Chorus has purchased
the maximum number of Shares permitted under the NCIB and
November 13, 2025.
In connection with the renewal of the NCIB, Chorus has
established an automatic securities purchase plan (the
"Plan") with its designated broker to allow for the purchase
of Shares during trading blackout periods, subject to certain
parameters such as price and number of Shares. Outside of blackout
periods, Shares may also be repurchased in accordance with
management's discretion, subject to applicable law. Chorus may
vary, suspend or terminate the Plan only if it does not have
material non-public information when the decision is made. The Plan
constitutes an "automatic plan" for purposes of applicable Canadian
securities legislation and has been reviewed by the TSX.
The renewal of the NCIB will follow on the conclusion of Chorus'
current NCIB that expires on November 13,
2024. Under the current NCIB, Chorus is authorized to
purchase up to 15,160,372 Shares for cancellation. From
November 14, 2023 to November 4, 2024, Chorus purchased
2,796,265 Shares through the facilities of the TSX and
alternative trading systems at a weighted average price of
$2.13 per Share.
There can be no assurance as to how many Shares, if any, will be
acquired by Chorus pursuant to the renewed NCIB. Shares purchased
by Chorus pursuant to the NCIB will be cancelled.
Forward-Looking Information
This news release contains forward-looking information and
statements within the meaning of applicable securities laws
(collectively, "forward-looking information"). Such
forward-looking information relates to, among other things,
statements concerning future purchases of Shares pursuant to the
NCIB. Forward-looking information may be identified by the use of
terms and phrases such as "anticipate", "believe", "can", "could",
"estimate", "expect", "future", "intend", "make", "may", "plan",
"potential", "predict", "project", "will", "would", and similar
terms and phrases, including negative versions thereof and other
similar expressions. Forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to differ materially
from those indicated in the forward-looking information. Actual
results could differ materially from those described in
forward-looking information due to known or unknown risks,
including, but not limited to, the risk factors described in
Chorus' public disclosure record available under Chorus' profile on
SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release
represents Chorus' expectations as of the date of this news release
(or as of the date they are otherwise stated to be made) and is
subject to change after such date. Chorus disclaims any intention
or obligation to update or revise any forward-looking information
as a result of new information, subsequent events or otherwise,
except as required by applicable securities laws. Readers are
cautioned that the foregoing factors and risks are not
exhaustive.
About Chorus Aviation Inc.
Chorus is a global aviation solutions provider and asset
manager, focused on regional aviation. Our current principal
subsidiaries are: Falko Regional Aircraft, the leading pure play
regional aircraft asset manager and lessor, managing investments on
behalf of third-party fund investors; Jazz Aviation, the largest
regional operator in Canada and
provider of regional air services under the Air Canada Express
brand; Voyageur Aviation, a leading provider of specialty charter,
aircraft modifications, parts provisioning and in-service support
services; and Cygnet Aviation Academy, an industry leading
accredited training academy preparing pilots for direct entry into
airlines. Together, Chorus' subsidiaries provide services that
encompass every stage of a regional aircraft's lifecycle,
including: aircraft acquisition and leasing; aircraft
refurbishment, engineering, modification, repurposing and
transition; contract flying; aircraft and component maintenance,
disassembly, and parts provisioning; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares
trade on the Toronto Stock Exchange under the trading symbol 'CHR'.
Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior
Unsecured Debentures due June 30,
2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange
under the trading symbols 'CHR.DB.A', 'CHR.DB.B', and 'CHR.DB.C'
respectively. For further information on Chorus, please
visit www.chorusaviation.com.
SOURCE Chorus Aviation Inc.