MONTRÉAL, July 28, 2016 /PRNewswire/ - Air Canada today announced that, effective July 29, 2016, its Class A variable voting shares and Class B voting shares will trade on OTCQX International Premier in the United States under the single ticker symbol "ACDVF". Air Canada's shares continue to trade on the Toronto Stock Exchange under the single ticker symbol "AC".
"The visibility and quality of the OTCQX market will help expand Air Canada's investor reach in the U.S.," said Michael Rousseau, Executive Vice President and Chief Financial Officer of Air Canada. "International interest in Air Canada has increased and the OTCQX market provides another accessible platform for U.S. investors to buy and trade our stock."
Vedder Price P.C. serves as Air Canada's Principal American Liaison on OTCQX, providing Air Canada with guidance on OTCQX requirements.
Information relating to Air Canada as well as Real-Time Level 2 quotes for Air Canada are available on www.otcmarkets.com.
FOREIGN OWNERSHIP RULES
Canadian law requires that Air Canada be controlled in fact by Canadians and that at least 75% of its voting interests (or such lesser percentage as may be specified by Canadian government regulation) be owned and controlled by Canadians. Air Canada has therefore implemented a dual class share structure pursuant to which Air Canada shares acquired by Canadians are automatically Class B voting shares (without any further act of Air Canada or the holder), and shares acquired by non-Canadians are automatically Class A variable voting shares (without any further act of Air Canada or the holder). Both share classes are assigned equivalent rights, except that each Class A variable voting share confers the right to one vote per share, subject to proportionate reduction in voting rights in the event that either (i) the total number of Class A variable voting shares, as a percentage of the total number of voting shares outstanding, exceeds 25%, or (ii) the total number of votes cast by or on behalf of holders of Class A variable voting shares at any meeting exceeds 25% of the total number of votes that may be cast at such meeting. Additional information relating to Air Canada's share structure is available in Air Canada's public disclosure record available at www.sedar.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to preliminary results, guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including any described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those described in Air Canada's public filings available at www.sedar.com and at www.otcmarkets.com. The forward-looking statements contained in this news release represent Air Canada's expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, Air Canada 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 laws.
About Air Canada
Air Canada is Canada's largest domestic and international airline serving more than 200 airports on six continents. Canada's flag carrier is among the 20 largest airlines in the world and in 2015 served more than 41 million customers. Air Canada provides scheduled passenger service directly to 64 airports in Canada, 55 in the United States and 87 in Europe, the Middle East, Africa, Asia, Australia, the Caribbean, Mexico, Central America and South America. Air Canada is a founding member of Star Alliance, the world's most comprehensive air transportation network serving 1,330 airports in 192 countries. Air Canada is the only international network carrier in North America to receive a Four-Star ranking according to independent U.K. research firm Skytrax. For more information, please visit: www.aircanada.com, follow @AirCanada on Twitter and join Air Canada on Facebook.
SOURCE Air Canada