WestJet to implement recently increased foreign ownership levels

Published on : Monday, February 18, 2019

WestJet today announced that it will seek shareholder approval at its 2019 annual and special meeting of shareholders to amend its articles of incorporation and By-Law No. 2005-1 to increase the limits on foreign ownership and control of its voting shares to those permitted by amendments made to the Canada Transportation Act (CTA) in 2018. The amendments to its articles and By-Law No. 2005-1 will be undertaken by way of a court supervised and shareholder approved statutory plan of arrangement.

 

Prior to the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The Government of Canada’s stated purpose in implementing the CTA amendments is to attract more foreign investment and encourage growth in the aviation sector by increasing, from 25% to 49%, the permitted level of foreign ownership of Canadian air carriers. At the same time, the CTA amendments introduced two new limitations on voting ownership and control, by capping the voting rights of single non-Canadians and of the aggregate of non-Canadian air carriers at 25%.

 

Completion of the plan of arrangement is subject to shareholder approval and approval of the Court of Queen’s Bench of Alberta. Full details regarding the plan of arrangement will be included in the management proxy circular which will be made available to WestJet shareholders in connection with the shareholder meeting.

 

Caution regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding WestJet’s plans to undertake a plan of arrangement to amend its articles and By-Law No. 2005-1 and seek approval for such amendments at its 2019 annual and special meeting are forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet’s control. The forward-looking information contained in this news release is based on WestJet’s expectations and assumptions, including expectations and assumptions that it will receive the necessary shareholder approval and approval of the plan of arrangement by the Court of Queen’s Bench of Alberta. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

 

 

Source:- WestJet Airways

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