CALGARY, Feb. 2, 2016 /CNW/ - WestJet Airlines Ltd.
(TSX:WJA) announced today that the Toronto Stock Exchange
("TSX") has approved an amendment to its normal course
issuer bid (the "NCIB"). The purpose of the amendment is to
increase the maximum number of common voting shares and variable
voting shares (collectively "Shares") that may be purchased
under the NCIB from 4,000,000 to 6,000,000. This represents
approximately 4.75 per cent of the issued and outstanding Shares as
of the date of the original notice. The increased purchase limit
under the NCIB will be effective February 4,
2016.
The NCIB will continue until May 12,
2016, or until such earlier time as the bid is completed or
terminated at the option of WestJet. Any Shares WestJet purchases
under the bid will be purchased on the open market through the
facilities of the TSX at the prevailing market price at the time of
such transaction. On any trading day, WestJet will not purchase
more than 25 per cent of the average daily trading volume of the
Shares for the six months preceding the commencement of the NCIB,
being 117,903 Shares, except where such purchases are made in
accordance with the block purchase exemptions under the TSX rules.
TD Securities Inc. is the broker firm responsible for making
purchases of Shares under the bid on behalf of WestJet. Shares
acquired under the bid will be cancelled. To date, WestJet has
already purchased 3,200,000 Shares for cancellation since the
commencement of the bid on May 13,
2015.
WestJet believes that, from time to time, the market price of
its Shares may not reflect their underlying value. At such times,
the purchase of Shares for cancellation may be advantageous to
shareholders by increasing the value of the remaining Shares. The
purchase of Shares may also offset the dilutive effect of the
issuance of Shares pursuant to WestJet's compensation plans.
At times when WestJet does not possess material non-public
information about itself or its securities, it may enter into an
automatic securities purchase plan with its broker to allow for the
purchase of Shares at times when WestJet ordinarily would not be
active in the market due to its own internal trading blackout
periods and insider trading rules. Any such plans entered into with
WestJet's broker will be adopted in accordance with the
requirements of applicable Canadian securities laws and subject to
prior approval by the TSX.
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 intentions with respect to the normal course issuer bid
and purchases thereunder and the effects of repurchases under the
bid. This information is based upon certain material factors or
assumptions 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 and could cause actual results to differ materially from
the expectations expressed in any of this forward-looking
information. Purchases made under the normal course issuer bid are
not guaranteed and may be suspended at the discretion of WestJet's
Board of Directors.
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, filed with the securities
regulatory authorities in Canada,
available at www.sedar.com.
About WestJet
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)
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SOURCE WestJet