HALIFAX, NS, Jan. 3, 2025 /CNW/ - Chorus Aviation Inc. (TSX: CHR) ("Chorus") today announced that it has filed its management proxy circular (the "circular") in connection with its upcoming special meeting (the "Meeting") of holders of Class A Variable Voting Shares and Class B Voting Shares (the "Shares", and the holders thereof "Shareholders"). The circular is available under Chorus' profile on the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.com.
The Meeting will take place on February 4, 2025 at 11:00 a.m. (Eastern time) in virtual only format and is being held to seek Shareholder approval of a special resolution for a proposed consolidation of the Shares (the "Consolidation"). If approved and implemented, the Consolidation would be carried out on the basis of a ratio within a range of one (1) post-consolidation Share for every five (5) to ten (10) pre-consolidation Shares, with the exact ratio to be determined by Chorus' board of directors (the "Board").
Shareholders of record as of the close of business on December 23, 2024 are entitled to receive notice of, to participate in and to vote their Shares at the Meeting. To be approved, the special resolution must be passed by at least two thirds (66 2/3%) of the votes cast by Shareholders at the Meeting. If the special resolution is approved, the Board will have discretion, for a period of one year following the Meeting, to determine the exact consolidation ratio and timing of the Consolidation, including to not proceed with the Consolidation. The Consolidation is also subject to the approval of the Toronto Stock Exchange.
Details of the Meeting and how Shareholders or their duly appointed proxyholders can attend and participate in the Meeting are set out in the circular. Shareholders are encouraged to carefully review the circular, which is available on Chorus' website (www.chorusaviation.com) under "Investors - Reports" and under Chorus' profile on SEDAR+ at www.sedarplus.ca.
Shareholders who have any questions or require more information with regard to the procedures for voting may contact Shorecrest Group Ltd., Chorus' proxy solicitation agent, toll free in North America at 1-888-637-5789 or collect call from outside North America at 1-647-931-7454, or by email at [email protected].
Forward-Looking Information
This news release may contain forward-looking information or statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information may be identified by the use of terms such as "believes", "expects", "anticipates", "assumes", "outlook", "plans", "targets", "could", "intend", "may", "project" or other similar terms and phrases, including negative versions thereof, although not all forward-looking information contains these identifying words. Forward-looking information in this news release includes, but is not limited to, statements and expectations regarding, but not limited to, whether shareholders will approve the special resolution authorizing the Consolidation, whether the Board will proceed with implementing the Consolidation following the receipt of shareholder approval, and the consolidation ratio that will be selected by the Board if it determines to proceed with the Consolidation. Actual results could differ materially from those described in the 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.
Forward-looking information, by its nature, is based on assumptions, is subject to important risks and uncertainties and cannot be relied upon due to, among other things, changing external events and general uncertainties of the business. Actual results, performance or achievements may differ materially from those indicated in forward-looking information due to a number of factors, including the risk factors identified in Chorus' public disclosure record available under its profile on SEDAR+ at www.sedarplus.ca.
Forward-looking information in this news release reflects information as of the date of this news release (or as of the date it is stated to be provided) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required under applicable securities laws.
About Chorus Aviation Inc.
Chorus is a Canadian company focused on aviation services businesses. Our operating subsidiaries are: 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: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; 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.
SOURCE Chorus Aviation Inc.
Chorus Media Contact: [email protected]; Chorus Analyst Contact: [email protected]
