MONTREAL, April 10, 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 has received today the required regulatory approvals to go forward with a normal course issuer bid for a 12 month period.
Pursuant to its normal course issuer bid, the Corporation intends to purchase for cancellation up to a maximum of 2,274,921 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, depending on the circumstances and in a wise manner, of a portion of the Corporation's 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. In the context of the normal course issuer bid, the Corporation will put in place an automatic share repurchase plan in accordance with the relevant sections of the TSX Company Manual and applicable securities laws. 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 as of April 15, 2015 and will terminate no later than April 14, 2016.
The average daily trading volume of the Corporation's Class A Variable Voting Shares and Class B Voting Shares over the last six complete calendar months was 78,112 shares (the "ADTV"). Accordingly, under TSX rules and policies, the Corporation is entitled on any trading day to purchase up to 19,528 Class A Variable Voting Shares and Class B Voting Shares. The Corporation may also purchase, once a week and in excess of the daily repurchase limit of 25% of the ADTV, blocks of shares that are not owned by any insiders, in accordance with the TSX rules and policies.
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: Source: Transat A.T. Inc., www.transat.com; Information for media representatives: Michel Lemay, VP, Communications and Corporate Affairs and Chief Brand Officer, 514 987-1616, ext. 4523, [email protected]