Morgan Stanley - Press Release

    NEW YORK, Oct. 14 /CNW/ - This announcement relates to the holdings of
Morgan Stanley Canada Limited ("MSCL") and certain of its affiliated entities
in ACE Aviation Holdings Inc. (TSX:ACE.A) (the "Issuer"). Morgan Stanley is
issuing this release in its capacity as the parent holding company of, and
indirect beneficial owner of securities held by, MSCL and its affiliated
    Morgan Stanley announces that on October 10, 2008, as part of its
ordinary course client facilitation business activities, MSCL sold an
aggregate of 1,700,000 Class A Variable Voting Shares of the Issuer on the
Toronto Stock Exchange. MSCL owns and controls 3,200,000 Preferred Shares of
the Issuer that are convertible into approximately 3,005,120 Class A Variable
Voting Shares. After giving effect to the sale noted above and including the
Preferred Shares on an as-converted basis, Morgan Stanley owns and controls
3,036,676 Class A Variable Voting Shares in the aggregate representing 10.78%
of the Class A Variable Voting Shares (calculated on a partially-diluted
basis) which would be issued and outstanding after such conversion and
approximately 8.01% of the Class A Variable Voting Shares and Class B Voting
Shares of the Issuer, taken as a whole (i.e., aggregating the total number of
issued and outstanding Class A Variable Voting Shares with the total number of
issued and outstanding Class B Voting Shares). The foregoing calculations are
based on 25,171,000 Class A Variable Voting Shares and 9,736,000 Class B
Voting Shares issued and outstanding as of October 10, 2008 according to
information available on the Toronto Stock Exchange website on  October 13,
    All securities of the Issuer were acquired through transactions made in
the ordinary course of business, and not for the purpose of influencing the
control or direction of the Issuer.
    Morgan Stanley & Co. Incorporated is an affiliated entity of MSCL having
holdings included in this release.
    Morgan Stanley will be filing a report under National Instrument 62-103
of the Canadian Securities Administrators in connection with this transaction.

    Morgan Stanley,
    1585 Broadway,
    New York, NY, 10036

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: and to obtain a copy of such report please
contact Carissa Ramirez, Corporate Communications, at (212) 762-6834

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890