CALGARY, Feb. 16, 2016 /PRNewswire/ - WestJet Airlines Ltd. today announced that its common voting and variable voting shares will trade under a single ticker on the Toronto Stock Exchange ("TSX") effective as of February 18, 2016.
WestJet's common voting shares currently trade on the TSX under the symbol 'WJA' and bear CUSIP number 960410207. The airline's variable voting shares currently trade on the TSX under the symbol 'WJA.A' and bear CUSIP number 960410306. As of February 18, 2016, each of the common voting and variable voting shares will trade on the TSX under a single ticker designated 'WJA', will bear CUSIP number 960410504 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Variable Voting and Common Voting Shares" of WestJet.
This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the variable voting shares which have historically had lower trading volumes.
The trading of WestJet common voting and variable voting shares under a single ticker is limited primarily to the administration of trading of the WestJet shares on the TSX. This change does not involve any amendment to WestJet's articles of incorporation, by-laws or share capital structure, nor the terms and conditions or the voting and ownership restrictions applicable to the common voting and variable voting shares.
Pursuant to WestJet's articles of incorporation, the variable voting shares may only be held and controlled by non-Canadians, and the common voting shares may only be held and controlled by Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires WestJet shares on the TSX, such holder will automatically be assigned variable voting shares. Similarly, if a Canadian acquires WestJet shares on the TSX, such holder will automatically be assigned common voting shares.
The combination of trading under a single ticker on the TSX will not result in any changes to the voting procedures currently adopted by WestJet for purposes of shareholder meetings, and any shareholder who wishes to vote at a WestJet shareholder meeting (either by proxy or by attending the meeting in person) will continue to be required to complete a declaration respecting their Canadian status in order to enable WestJet to comply with the requirements of the Canada Transportation Act and WestJet's articles, by-laws and internal policies.
In addition to declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent, WestJet will continue to regularly monitor the number of its shares beneficially held and controlled by Canadians which represent common voting shares and the number of its shares beneficially held or controlled by non-Canadians which represent variable voting shares.
Additional information relating to the terms of the variable voting shares and common voting shares is included in WestJet's annual information form, filed with the securities regulatory authorities in Canada, available at www.sedar.com.
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 expectations that the ticker consolidation will improve the liquidity of its variable voting shares. This information is based upon certain material factors or assumptions, including that the trading volumes and liquidity of the shares under a single ticker will more closely reflect the current trading volumes and liquidity of WestJet's common voting shares, 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, including the trading activity of its shares, 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 and management's discussion and analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.
We are proud to be Canada's highest-rated airline for customer service, powered by an award-winning culture of care and recognized as one of the country's top employers. We offer scheduled service to 100 destinations in North America, Central America, the Caribbean and Europe. Through our regional airline, WestJet Encore, and with partnerships with airlines representing every major region of the world, we offer our guests more than 150 destinations in more than 20 countries. Leveraging WestJet's extensive network, flight schedule and remarkable guest experience, WestJet Vacations delivers affordable, flexible travel experiences with a variety of accommodation options for every guest. Members of our WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Our members use WestJet dollars towards the purchase of WestJet flights and vacations packages on any day, at any time, to any WestJet destination with no blackout periods ̶ even on seat sales. For more information about everything WestJet, please visit westjet.com.
Recent recognition includes:
2015/2011/2008-2005 Canada's 10 Most-Admired Corporate Cultures (Waterstone Human Capital)
2015/2014/2013/2012 Canada's Most Attractive Employer (Randstad)
2015/2014/2013/2012 Top three brands in Canada (Canadian Business magazine)
2015 Best Employers in Canada (Aon Hewitt)
2015/2014/2013 WestJet RBC World Elite MasterCard ranked #1 in Canada (MoneySense magazine)
2015/2014/2013 WestJet RBC World Elite MasterCard ranked #1 in the Canada's Choice ranking (RewardsCanada.ca)
2014 Interbrand Canada's Best Canadian Brands (rank #20)
2014 Brands of the Year (Strategy magazine)
2014 Canada's Most Preferred Airline (Ipsos)
2014 Value Airline of the Year (Air Transport World magazine)
2014/2013/2012/2011 Highest equity score: airline, vacation package supplier brands (Harris/Decima EquiTrend Study)