Chorus Aviation Inc. Enters into an Automatic Share Purchase Plan Français
HALIFAX, NS, May 27, 2025 /CNW/ - Chorus Aviation Inc. (TSX: CHR) (" Chorus" or the " Company") announced today that it has entered into an automatic share purchase plan (" ASPP") with a broker to facilitate purchases of its Class A Variable Voting Shares and Class B Voting Shares (collectively, the " Shares") under its normal course issuer bid (" NCIB") previously announced on November 6, 2024. Purchases under the NCIB were suspended during the period of the Company's substantial issuer bid for its Shares which expired on May 20, 2025. The Company now intends to resume purchasing Shares under the NCIB.
The Company has entered into the ASPP with its designated broker to allow for the purchase of Shares during trading blackout periods, subject to certain parameters such as price and number of Shares. Outside of blackout periods, Shares may also be repurchased in accordance with management's discretion, subject to applicable law. Chorus may vary, suspend or terminate the plan only if it does not have material non-public information when the decision is made. The plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange (the " TSX").
Under the terms of the NCIB approved by the TSX, Chorus may purchase for cancellation up to a maximum of 1,280,640 Shares between now and November 13, 2025. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of the purchases in accordance with the rules of the TSX and applicable securities laws. On any trading day, Chorus will not purchase more than 11,836 Shares (representing 25% of the average daily trading volume for the six months ended October 31, 2024), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases under the NCIB will conclude on the earlier of the date on which Chorus has purchased 1,280,640 Shares and November 13, 2025. There can be no assurance as to how many Shares, if any, Chorus will acquire under the NCIB.
Forward-Looking Information
This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, " forward-looking information"). Forward-looking information may be identified by the use of terms and phrases such as "anticipate", "believe", "can", "could", "estimate", "expect", "future", "intend", "make", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof and other similar expressions. Statements concerning the intended continuation of the NCIB and Share purchases thereunder constitute forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking information. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the risk factors described in Chorus' public disclosure record available under Chorus' profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
About Chorus Aviation Inc.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 6.00% Convertible Senior Unsecured Debentures due June 30, 2026 and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols 'CHR.DB.B' and 'CHR.DB.C' respectively. For further information on Chorus, please visit www.chorusaviation.com.
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