MONTREAL, March 12, 2015 /CNW Telbec/ - Transat A.T. Inc. ("Transat" or the "Corporation"), one of the largest integrated tourism companies in the world and Canada's holiday travel leader, announces that it intends to go forward with a normal course issuer bid for a 12 month period.
The Corporation has not yet determined the maximum of Class A Variable Voting Shares and Class B Voting Shares it in fact intends to purchase under its normal course issuer bid, but it may purchase for cancellation, subject to obtaining all necessary regulatory approvals and pursuant to the terms of its normal course issuer bid, up to a maximum of 2,331,143 Class A Variable Voting Shares and Class B Voting Shares, representing approximately 10% of the public float of Class A Variable Voting Shares and Class B Voting Shares..
The normal course issuer bid is designed to allow the Corporation proper utilization of its excess of cash.
The purchases under the Corporation's normal course issuer bid will be made on the open market through the facilities of the Toronto Stock Exchange in accordance with its policy on normal course issuer bids. The price which the Corporation will pay for repurchased shares will be the market price at the time of acquisition plus brokerage fees. Purchases may commence once the regulatory approvals have been obtained.
The Corporation intends to enter into an automatic repurchase program for the purchases made under its normal course issuer bid. This will ensure that the Corporation has no discretion as to which Class A Variable Voting Shares and Class B Voting Shares may be purchased.
During the last 12 months, the Corporation has not acquired for redemption any Class A Variable Voting Shares or Class B Voting Shares pursuant to a normal course issuer bid.
Transat A.T. Inc. is an integrated international tour operator with more that 60 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada and Europe, as well as in the Caribbean, Mexico and the Mediterranean Basin. Montreal-based Transat is also active in air transportation, destination services, accommodation and distribution. Transat's firm commitment to sustainable tourism development is reflected in its multiple corporate responsibility initiatives (TSX: TRZ.B; TRZ.A ).
SOURCE Transat A.T. Inc.
For further information: Information for media representatives: Michel Lemay, Vice-President, Communications and Corporate Affairs and Chief Brand Officer, 514-908-4523, [email protected]