WestJet Announces Normal Course Issuer Bid
CALGARY, Feb. 14, 2013 /PRNewswire/ - WestJet Airlines Ltd. (TSX:WJA) announced today that the Toronto Stock Exchange ("TSX") has accepted its notice to make a normal course issuer bid to purchase outstanding common voting and variable voting shares (the "Shares") on the open market in accordance with the rules of the TSX.
As approved by the TSX, WestJet is now authorized to purchase up to 6,616,543 Shares under the normal course issuer bid, representing 5.0 per cent of WestJet's currently issued and outstanding Shares. As of January 31, 2013, there are 124,060,098 common voting shares and 8,270,767 variable voting shares issued and outstanding. On any trading day, WestJet will not purchase more than 84,090 Shares, except where such purchases are made in accordance with the block purchase exemptions under the TSX rules.
WestJet is authorized to make purchases during the period of February 19, 2013 to February 18, 2014 or until such earlier time as the bid is completed or terminated at the option of WestJet. Any Shares WestJet purchases under this bid will be purchased on the open market through the facilities of the TSX at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled. TD Securities Inc. will be appointed as the broker firm responsible for making purchases of Shares under the bid on behalf of WestJet.
During the period between February 10, 2012 and February 9, 2013, WestJet completed the purchase and cancellation of 6,914,318 Shares under its previous normal course issuer bid at a volume weighted average price of $16.20 per share.WestJet believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the purchase of Shares for cancellation may be advantageous to shareholders by increasing the value of the remaining Shares. The purchase of Shares will also offset the dilutive effect of the issuance of Shares pursuant to WestJet's compensation plans.
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