MONTREAL, Dec. 19 /CNW Telbec/ - Canadian Helicopters Income Fund (the
"Fund") announces today that the Toronto Stock Exchange (the "TSX") has
accepted the Fund's notice of intention to make a normal course issuer bid
(the "Notice") to purchase some of its outstanding ordinary units through the
facilities of the TSX for a period of twelve months ending on December 20,
2008. Up to 410,128 units of the Fund, representing approximately 5% of the
public float of the Fund's units on December 17, 2007, may be purchased under
the bid. As of December 17, 2007, 10,528,311 units are issued and outstanding.
Daily repurchases will be limited to 7,358 units, other than block purchase
exemptions. The purchases may commence on December 21, 2007 and may extend to
December 20, 2008 or on such earlier date as the Fund may complete its
purchases pursuant to the Notice or otherwise terminate the bid.
In the opinion of management of the Fund, this normal course issuer bid
is justified by the fact that the units might be undervalued on the market
from time to time with regard to the Fund's financial position and future
prospects and that the purchase thereof by the Fund is an appropriate use of
All the units acquired under the bid will be purchased through the
facilities of the TSX in accordance with its requirements. All units acquired
will automatically be cancelled. The units will be purchased at their market
price at the time of acquisition.
In the past 12 months, the Fund has not purchased any of its units under
its previous normal course issuer bid which commenced on November 17, 2006 and
expired on November 16, 2007.
Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is
the largest helicopter transportation services company operating in Canada and
one of the largest in the world based on the size of its fleet. From over
40 base locations across Canada, Canadian Helicopters provides helicopter
services to a broad range of sectors, including emergency medical services,
infrastructure maintenance, utilities, oil and gas, forestry, mining and
construction. In addition to helicopter transportation services, Canadian
Helicopters operates three flight schools and provides third party repair and
maintenance services. With 60 years of experience, Canadian Helicopters is an
industry leader in establishing safety standards and operating procedures.
For further information:
For further information: Jean-Pierre Blais, President, Canadian
Helicopters Limited, (450) 452-3007; Don Wall, Senior Executive Vice
President, Canadian Helicopters Limited, (780) 429-6919