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Cargojet Amends Normal Course Issuer Bid for Voting Shares
Cargojet Amends Normal Course Issuer Bid for Voting Shares Canada NewsWire ...
About this update from Cargojet Inc.
[{"type":"text","content":"\n \n \n \n Cargojet Amends Normal Course Issuer Bid for Voting Shares\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 \n MISSISSAUGA, ON\n \n \n ,\n \n \n June 20, 2022\n \n \n /CNW/ - Cargojet Inc. (\"Cargojet\" or the \"Corporation\") (TSX: CJT) today announced that it received approval from the Toronto Stock Exchange (\"TSX\") to amend its previously-announced normal course issuer bid (\"NCIB\") in order to increase the maximum number of common voting shares and variable voting shares (together, the \"Shares\") that may be repurchased from 155,000 Shares, or 0.92% of the public float as at\n \n April 28, 2022\n \n (the reference date for the NCIB), to 1,500,000 Shares, or 8.91% of the public float as at such date.\n \n \n Cargojet's Board of Directors believes that, from time to time during the course of the NCIB, the market price of the Shares may not fully reflect the underlying value of the Shares and purchases of Shares pursuant to the NCIB may be a desirable use of funds that will create value for shareholders. Cargojet has a leading position in both its domestic and international business that mitigates risks associated to capacity, pricing to customers and capital expenditures, and allows it to continue to pursue its growth strategies.\n \n \n Any purchases made under the NCIB, which began on\n \n May 4, 2022\n \n and will end no later than\n \n May 3, 2023\n \n , are made by Cargojet subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.\n \n \n As at\n \n April 28, 2022\n \n , there were 17,324,258 Shares outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Cargojet may purchase up to 19,583 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume, as calculated in accordance with TSX rules. Any Shares purchased under the NCIB are cancelled.\n \n \n The automatic share purchase pl...