MISSISSAUGA, ON, Nov. 30, 2020 /CNW/ - Cargojet ("Cargojet" or the
"Corporation") (TSX: CJT) said today that during the permitted open
period, Dr. Ajay Virmani, President
and Chief Executive Officer, sold 445,000 common voting shares held
through The Virmani Family Trust. The sale was facilitated by a
consortium of Canadian investment dealers (RBC Capital Markets,
Scotiabank and CIBC Capital Markets) through a block trade
arrangement.
After this sale, Dr. Virmani will continue to retain 54% of his
current holdings in Cargojet (including equity awards). "The
ongoing pandemic tested our resilience, our business model and our
ability to adapt to a rapidly changing environment. As a key
enabler of e-Commerce and ensuring that essential goods keep
moving, Cargojet has found a renewed sense of purpose. I am
thrilled to be leading Cargojet at this historic moment and
continue to hold a meaningful equity stake as we build the next
phase of our growth story," said Dr. Ajay
Virmani, President and CEO.
The proceeds from the sale of shares are intended for
diversification, estate planning and to fund Dr. Virmani's family
foundation for charitable giving.
About Cargojet
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities across North America,
providing Dedicated ACMI and International Charter services and
carries over 25,000,000 pounds of cargo weekly. Cargojet
operates its network with its own fleet of 27 Cargo aircraft.
SOURCE Cargojet Inc.