Vancouver, British Columbia–(Newsfile Corp. – November 18, 2021) – Canada Jetlines Operations Ltd. (NEO: CJET) (“Jetlines” or the “Company”), is pleased to announce that it has received an exemption from the British Columbia Securities Commission, and other securities regulatory authorities, that will allow the Company’s variable voting shares and common voting shares to be treated as a single class for the purposes of applicable take-over bid requirements and early warning reporting requirements contained under Canadian securities laws.
Pursuant to an application by the Company, the securities regulatory authorities in each of the provinces and territories of Canada (except for Quebec and Nunavut where the Company is not a reporting issuer) granted exemptive relief (the “Decision”) from:
Applicable formal take-over bid requirements, as contained under Canadian securities laws, such that those requirements would only apply to an offer to acquire 20 per cent or more of the outstanding common voting shares and variable voting shares of the Company on a combined basis;
Applicable early warning report requirements, as contained under Canadian securities laws, such that those requirements would only apply to an acquirer who acquires or holds beneficial ownership of, or control or direction over, 10 per cent or more of the outstanding common voting shares and variable voting shares of the Company on a combined basis; and
Applicable requirement to issue and file a news release in respect of acquisitions during a take-over bid, such that those requirements would only apply to an acquirer who acquires or holds beneficial ownership of, or control or direction over, five percent or more of the outstanding common voting shares and variable voting shares of the Company on a combined basis.
Without the exemptive relief, shareholders were subject to these requirements based on the number of shares outstanding solely of the class held by the shareholder. This is a number that can vary without notice due to automatic conversions, which is in some respects not indicative of the shareholder’s real ownership value. Absent the Decision, it would have been more difficult for investors to acquire shares in the ordinary course without the apprehension of inadvertently triggering the take-over bid rules or early warning requirements.
Please visit http://www.jetlines.ca to learn more and to sign up for emails and follow on all social media platforms for news and updates.
About Canada Jetlines
Canada Jetlines is a well-capitalized, value, leisure carrier that intends to utilize a fleet of Airbus320 aircraft to service popular sun destinations targeting a start in the spring of 2022, subject to Canadian Transport Agency and Transport Canada approval. The all-Canadian carrier was developed to provide the Canadian consumer with more choices and more economical options to fly to sun-destinations in the southern US, Caribbean, and Mexico. With a projected growth of 15 aircrafts by 2025, Canada Jetlines aims to offer the best-in-class operating economics, customer comfort and fly-by-wire technology, providing a guest centric experience from the first touchpoint. Canada Jetlines will use a state-of-the-art web booking platform, making the turnkey solution available to tour operators along with consumers, and to generate revenue on reservations and planned ancillary sales. The efficient aircraft design merged with the experience of the management suite allows for affordable flight options without sacrificing quality or convenience.