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Air Canada completes $500 million substantial issuer bid, acting on its commitment to balanced long-term capital allocation
Air Canada completes $500 million substantial issuer bid, acting on its commitment to balanced lo...
About this update from Air Canada
[{"type":"text","content":"\n\n\n\n Air Canada completes $500 million substantial issuer bid, acting on its commitment to balanced long-term capital allocation\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n MONTRÉAL\n \n ,\n \n\n June 25, 2025\n \n\n /CNW/ - Air Canada (TSX: AC) has taken up and paid for 26,595,744 of its Class A Variable Voting Shares and Class B Voting Shares (collectively, the \"\n \n shares\n \n \") at a price of\n \n $18.80\n \n per share under its\n \n $500 million\n \n substantial issuer bid (the \"\n \n Offer\n \n \") to purchase shares for cancellation.\n \n\n\n\n\n\n\n\n\n The successful completion of the Offer by Air Canada is an additional step towards its goal of reducing its fully diluted number of shares below 300 million by 2028, creating value for shareholders while investing in growth through a balanced long-term capital allocation strategy.\n \n\n The shares bought under the Offer, representing about 8.24% of the total number thereof, were acquired for about\n \n $500 million\n \n . After the Offer, about 296.1 million shares are expected to remain issued and outstanding.\n \n\n\n Other information about the Offer\n \n\n\n A total of about 26.8 million shares were validly deposited in the Offer and not withdrawn pursuant to auction tenders at or below\n \n $18.80\n \n or purchase price tenders. As the Offer was oversubscribed, about 99.14% of the successfully tendered shares were purchased by Air Canada, other than \"odd lot\" tenders not subject to proration.\n \n\n Payment and settlement of the purchased shares will be made on or before\n \n June 27, 2025\n \n in accordance with the Offer and applicable law. Any shares that are not purchased, including as a result of proration or auction tenders at more than\n \n $18.80\n \n , will be returned to shareholders as soon as practicable.\n \n\n Air\n \n Canada\n \n estimates that for purposes of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n ITA\n \n \") the paid-up capital per share is about\n \n $10.59\n \n . Shareholders who have sold shares to Air Ca...