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Normal Course Issuer Bid of Transat A.T. Inc.
The Board of Directors of Transat A.T. Inc. has filed notice to renew, for a 12-month period, its normal course issuer bid, which will expire on June 14, 2007.
In the notice, the Corporation states its intention to purchase for cancellation up to a maximum of 3,288,003 Class A Variable Voting Shares and Class B Voting Shares, representing less than 10% of the public float of Class A Variable Voting Shares and Class B Voting Shares. As of June 12, 2007 Transat had a total of 33,877,482 Class A Variable Voting Shares and Class B Voting Shares issued and outstanding, including a public float of 32,880,036 Class A Variable Voting Shares and Class B Voting Shares. This program is designed to allow the Corporation proper utilization of its excess of cash.
These purchases are to be made through the facilities of the Toronto Stock Exchange in accordance with its policy on normal course issuer bids. 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 June 15, 2007 and will terminate no later than June 14, 2008.
Pursuant to its Normal Course Issuer Bid, the Corporation acquired for redemption between June 15, 2006 and May 29, 2007, 725,700 Class B Voting Shares at an average redemption price of $29.79 per Class B Voting Share and no Class A Variable Voting Share.
Transat A.T. Inc. is an integrated international tour operator with more than 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 and distribution. (TSX : TRZ.B, TRZ.A)