HALIFAX, April 21, 2015 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR.B CHR.A) today announced a monthly dividend of $0.04 per Class A and Class B share payable on or after May 19, 2015 to shareholders of record at the close of business on April 30, 2015. These dividends qualify as eligible dividends in Canada and qualifying dividends in the United States.
Chorus is traded on the Toronto Stock Exchange under the trading symbols of CHR.A and CHR.B.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010 and is a dividend-paying holding company with various interests including Jazz Aviation Holdings Inc. and Chorus Aviation Holdings II Inc.
Jazz Aviation Holdings Inc. holds Chorus' business interests associated with the capacity purchase agreement ('CPA') with Air Canada which includes Jazz Aviation LP, Jazz Aircraft Financing Inc. ('JAFI'), and Jazz Leasing Inc. ('JLI'). JAFI and JLI were established for the sole purpose of acquiring and financing Q400 aircraft and related equipment, and leasing them to Jazz for use in the CPA.
Jazz Aviation LP: Chorus owns Jazz Aviation LP ('Jazz'); the largest regional airline in Canada. Under a capacity purchase agreement ('CPA') with Air Canada, Jazz provides scheduled passenger service on behalf of Air Canada across North America using the Air Canada Express brand. Additionally, under the Jazz brand, the airline offers charters throughout North America. Jazz also has the ability to offer airline operators services such as ground handling, dispatching, flight load planning, training and consulting.
Chorus Aviation Holdings II Inc. is a holding company to facilitate diversification of Chorus' business, including:
Voyageur Airways: On March 12, 2015, Chorus announced that it has entered into an agreement to acquire all of the issued and outstanding shares of 519222 Ontario Limited, a holding company that owns Voyageur Airways ('Voyageur') and its related companies.
Voyageur is a Transport Canada approved air operator and is an integrated provider of specialized aviation services, including contract flying operations both internationally and domestically, and offers advanced engineering and maintenance capabilities. The company primarily operates within two aviation services sectors: specialized contract flying operations and specialized engineering and advanced maintenance operations. Voyageur was founded in 1968 and is a private company headquartered in North Bay, Ontario.
SOURCE Chorus Aviation Inc.