HALIFAX, May 12, 2016 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR.B CHR.A) today announced that its Class A variable voting shares and Class B voting shares will trade under a single ticker on the Toronto Stock Exchange ('TSX') effective as of May 24, 2016.
The Class A variable voting shares currently trade on the TSX under the symbol CHR.A and bear CUSIP number 17040T102. The Class B voting shares currently trade on the TSX under the symbol CHR.B and bear CUSIP number 17040T201. As of May 24, 2016, each of the Class A variable voting shares and the Class B voting shares will trade on the TSX under a single ticker designated "CHR", will bear CUSIP number 17040T300, and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Chorus.
This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity of the Class A variable voting shares which have historically had lower trading volumes.
The trading of the Class A variable voting shares and the Class B voting shares under a single ticker is limited solely to the administration of trading of the Chorus shares on the TSX. This change does not involve any amendment to Chorus' articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attached to the Class A variable voting shares and the Class B voting shares.
Pursuant to Chorus' articles of incorporation, the Class A variable voting shares may only be held and controlled by non-Canadians, and the Class B voting shares may only be held and controlled by Canadians, and each class of share is automatically assigned based on the non-Canadian or Canadian status of their holder. If a non-Canadian acquires Chorus shares on the TSX, such holder will automatically be assigned Class A variable voting shares. Similarly, if a Canadian acquires Chorus shares on the TSX, such holder will automatically be assigned Class B voting shares.
The combination of trading under a single ticker on the TSX will not result in any changes to the voting procedures currently adopted by Chorus for purposes of shareholder meetings, and shareholders who wish to vote at meetings (either by proxy or by attending the meeting in person) will continue to be required to complete a Declaration of Canadian Status in order to enable Chorus to comply with the restrictions imposed by its articles and the Canada Transportation Act on the ownership and voting of its voting securities.
In addition to the declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent, CST Transfer Company, Chorus will continue to regularly monitor the number of its shares beneficially owned and controlled by non-Canadians which represent Class A variable voting shares, and the number of its shares beneficially owned and controlled by Canadians which represent Class B voting shares.
Additional information relating to the terms of the Class A variable voting shares and Class B voting shares, including a full definition of Canadian status, is included in Chorus' Annual Information Form available at www.chorusaviation.ca and www.sedar.com.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010 and is a dividend-paying holding company with various aviation interests including Jazz Aviation LP and Voyageur Aviation Corp.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia (902) 873-5054 email@example.com ; Teri Udle, Halifax, Nova Scotia (902)873-5047 firstname.lastname@example.org ; Debra Williams, Toronto, Ontario (905) 671-7769 email@example.com ; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia (902) 873-5094 firstname.lastname@example.org