/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, March 13 /CNW/ - WestJet Airlines Ltd. (WestJet) (TSX:WJA) is
pleased to announce that the Toronto Stock Exchange (TSX) has accepted its
notice to make a normal course issuer bid to purchase outstanding shares on
the open market, in accordance with the rules of the TSX.
As approved by the TSX, WestJet is now authorized to purchase up to
2,500,000 common voting shares or variable voting shares (collectively,
shares), representing approximately 1.93 per cent of the airline's currently
issued and outstanding shares. On any trading day, WestJet will not purchase
any more than 193,596 shares. As of today's date, there are 129,759,034 shares
WestJet is authorized to make purchases during the period of
March 17, 2008 to March 16, 2009, or until such earlier time as the bid is
completed or terminated at the option of WestJet. Any shares WestJet purchases
under this bid will be purchased on the open market through the facilities of
the TSX at the prevailing market price at the time of the transaction. Shares
acquired under the bid will be cancelled.
WestJet purchased an aggregate of 1,263,500 shares under its prior normal
course issued bid between February 28, 2007 and February 27, 2008 at an
average price of $16.82.
WestJet believes that, from time to time, the market price of its shares
may not reflect their underlying value. At such times, the purchase of shares
for cancellation will be advantageous to shareholders by increasing the value
of shares remaining. The purchase of shares will also offset the dilutive
affect of the issuance of shares pursuant to the exercise of stock options.
This discussion may contain forward-looking statements and are subject
to, and may be affected by, numerous risks and uncertainties, some of which
are beyond WestJet's control. WestJet's results may differ materially from
those expressed in or implied by such statements. Factors that could cause or
contribute to these differences include, but are not limited to: changes in
government policy, exchange rates, interest rates, disruption of supplies,
volatility of fuel prices, terrorism, general economic conditions, the
competitive environment and other factors described in WestJet's public
reports and filings. Forward-looking statements are subject to change and
WestJet does not undertake to update, correct or revise any forward-looking
information as a result of any new information, future events or otherwise.
WestJet is Canada's leading high-value, low-cost airline offering
scheduled service throughout its 47-city North American and Caribbean network.
Named Canada's most admired corporate culture in 2005, 2006 and 2007, WestJet
pioneered low-cost flying in Canada. With increased legroom and leather seats
on its modern fleet of 73 Boeing Next-Generation 737 aircraft, and live
seatback television provided by Bell ExpressVu, WestJet strives to be the
number one choice for travellers.
For further information:
For further information: WestJet, Media Relations, Gillian Bentley,
(403) 444-2615, Email: email@example.com, Website: www.westjet.com