LONDON, ON, June 10 /CNW/ - Discovery Air Inc. (TSX:DA.A) has filed with
the Toronto Stock Exchange, and the Exchange has accepted, a Notice of
Intention to make a Normal Course Issuer Bid allowing Discovery Air to
purchase for cancellation up to 5,000,000 of its Class A Common Shares
("Common Shares") representing 3.72% of the 134,461,555 issued and outstanding
Common Shares as of June 6, 2008. The average daily trading volume for the 6
months leading up to June 6, 2008 was 46,682 Common Shares and therefore,
subject to one block purchase per calendar week allowed pursuant to the rules
of the Exchange, the maximum number of shares to be acquired under the Bid
each day is 11,670 Common Shares.
Discovery Air may buy back Common Shares from time to time during the
next twelve months commencing June 12, 2008 and ending June 11, 2009, or such
earlier date as Discovery Air may complete its purchases pursuant to the
Notice of Intention. Any purchase made under the Normal Course Issuer Bid will
be effected through the facilities of the Exchange and in accordance with the
policies and rules of the Exchange.
Discovery Air believes that the market price of its Common Shares does
not fully reflect the value of its business and future business prospects. As
a result, it believes that purchasing its Common Shares represents an
attractive investment opportunity and an appropriate and desirable use of
Discovery Air's mission is to create shareholder value by building an
alliance of profitable aviation businesses that can realize synergies,
economies of scale and deliver safe, professional aviation services to clients
in selected niche markets.
Discovery Air's Class A common shares trade on the Toronto Stock Exchange
under the symbol DA.A.
Discovery Air's Debentures trade on the Toronto Stock Exchange under the
For further information:
For further information: Wade MacBain, Director of Investor Relations,
Phone: (519) 951-3580, Toll-free: (866) 903-3247, ext. 3580, E-mail: