CALGARY,
July 28, 2015 /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 2,000,000 to 4,000,000. This
represents approximately 3.2 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 July 30, 2015.
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 1,000,000 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
most-preferred airline, powered by an award-winning culture of care
and recognized as one of the country's top employers. We offer
scheduled service to more than 90 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 120
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 vacation packages on any day,
at any time, to any WestJet destination with no blackout
periods ΜΆ even on seat sales. For more information
about everything WestJet, please visit westjet.com.
Recent recognition includes:
2015 Best Employers in Canada
(Aon Hewitt)
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 Canada's Most
Attractive Employer (Randstad)
2014/2013 WestJet RBC MasterCard ranked #1 in Canada (Money Sense magazine and
RewardsCanada.ca)
2014/2013/2012/2011 Highest equity score: airline, vacation package
supplier brands (Harris/Decima EquiTrend Study)
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SOURCE WestJet