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Chorus Aviation Announces Normal Course Issuer Bid
Chorus Aviation Announces Normal Course Issuer Bid Canada NewsWire ...
About this update from Chorus Aviation Inc.
[{"type":"text","content":"\n \n \n \n Chorus Aviation Announces Normal Course Issuer Bid\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 HALIFAX, NS\n \n \n ,\n \n \n Nov. 9, 2022\n \n \n /CNW/ - Chorus Aviation Inc. (\"Chorus\") (TSX: CHR) today announced that the Toronto Stock Exchange (the \"TSX\") has accepted its notice to make a normal course issuer bid (the \"NCIB\" or \"bid\") to purchase for cancellation up to a maximum of 15,928,236 of its Class A Variable Voting Shares and/or Class B Voting Shares (collectively, the \"Shares\"), representing 10% of the public float of the Shares as of November 7, 2022, calculated in accordance with the TSX rules.\n \n \n The directors and management of Chorus believe that the market price of the Shares during the period of the bid may not, from time to time, fully reflect their value, and as such, the purchase of Shares by Chorus for cancellation would be in the best interests of Chorus and an appropriate use of corporate funds in light of potential benefits to remaining shareholders.\n \n \n As of\n \n November 7, 2022\n \n , Chorus had 203,050,988 Shares issued and outstanding, of which 159,282,363 Shares constitute the total public float of the Shares. Purchases made pursuant to the bid will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of the purchases in accordance with the rules of the TSX and applicable securities laws. On any trading day, Chorus will not purchase more than 98,384 Shares, representing 25% of the average daily trading volume for the six months ended\n \n October 31, 2022\n \n (being 393,539 Shares), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases may commence on\n \n November 14, 2022\n \n and will conclude on the earlier of the date on which Chorus has purchased the maximum number of Shares permitted under the NCIB and\n \n November 13, 2023\n \n .\n \n \n In connection with the NCIB, Chorus has established an automatic...