Chorus announces NCIB, share buyback program

[GIVCE!]

Well they apparently have roughly 30-40 million kicking around to buy their shares back but won’t give a dime to the employees. Typical.
G

Chorus Aviation Announces Normal Course Issuer Bid

HALIFAX, NS, Nov. 9, 2022 /CNW/ - Chorus Aviation Inc. ("Chorus") (TSX: CHR) today announced that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "NCIB" or "bid") to purchase for cancellation up to a maximum of 15,928,236 of its Class A Variable Voting Shares and/or Class B Voting Shares (collectively, the "Shares"), representing 10% of the public float of the Shares as of November 7, 2022, calculated in accordance with the TSX rules.

The directors and management of Chorus believe that the market price of the Shares during the period of the bid may not, from time to time, fully reflect their value, and as such, the purchase of Shares by Chorus for cancellation would be in the best interests of Chorus and an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

As of November 7, 2022, Chorus had 203,050,988 Shares issued and outstanding, of which 159,282,363 Shares constitute the total public float of the Shares. Purchases made pursuant to the bid 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 98,384 Shares, representing 25% of the average daily trading volume for the six months ended October 31, 2022 (being 393,539 Shares), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases may commence on November 14, 2022 and will conclude on the earlier of the date on which Chorus has purchased the maximum number of Shares permitted under the NCIB and November 13, 2023.

In connection with the NCIB, Chorus has established an automatic securities purchase plan (the "Plan") with its designated broker to allow for the purchase of Shares. Chorus' designated broker may purchase Shares under the Plan on any trading day during the NCIB during pre-determined trading blackout periods, subject to certain parameters as to price and number of shares. The Plan will commence immediately and terminate when the NCIB terminates, unless terminated earlier in accordance with the terms of the Plan. Outside of these pre-determined 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, and the decision to vary, suspend or terminate the Plan is not taken during a pre-determined trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

There can be no assurances as to how many Shares, if any, will be acquired by Chorus pursuant to the NCIB. Shares purchased by Chorus pursuant to the bid will be cancelled.

Chorus has not purchased any Shares during the previous 12-month period pursuant to any issuer bid.

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Great news! I wonder if that's why it went up so much today.
Quick question, does Jazz have any stock matching program with Chorus?

[flyingcanuck]

Great news! I wonder if that's why it went up so much today.
Quick question, does Jazz have any stock matching program with Chorus?

Yes an employee share program with 20% (?) Minimum match

[KenoraPilot]

Great news! I wonder if that's why it went up so much today.
Quick question, does Jazz have any stock matching program with Chorus?

Yes an employee share program with 20% (?) Minimum match

30% match for Pilots