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
SOURCE CHORUS AVIATION INC.