Chorus Aviation announces dividend reinvestment plan
Jan 30, 2018
Delivering regional aviation to the world
HALIFAX, Jan. 30, 2018 /CNW/ - Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that it will implement a Dividend Reinvestment Plan ('DRIP' or 'the Plan') starting February 1, 2018. Chorus currently pays a monthly dividend of $0.04 per share ($0.48 annually).
The DRIP will provide shareholders of Chorus who are resident in Canada the opportunity to purchase additional Chorus shares1 using cash dividends paid on shares enrolled in the DRIP. The benefits of enrolling in the DRIP are as follows:
- convenience of automatic reinvestment of dividends in further shares;
- savings from not having to pay brokerage fees or other service charges applicable to the purchase of shares acquired under the Plan;
- ability to acquire fractional (as opposed to whole) shares with reinvested dividends;
- flexibility to enroll some or all shares in the Plan, providing the opportunity to reinvest all or only a portion of dividends in further shares while continuing to receive the remainder in cash; and
- convenient, quarterly statements for keeping track of holdings of shares.
The price for shares purchased under the Plan is 100% of the average market price; however, Chorus may, from time to time, offer a discount of up to 5% from the average market price for shares purchased under the Plan. Chorus will provide a discount of 4% from the average market price for shares purchased under the Plan until further notice. Chorus may, by way of news release, change or eliminate the discount at any time and from time to time.
AST Trust Company (Canada) ('the Agent') has been appointed as the Agent for the DRIP. Chorus will pay to the Agent all cash dividends which are to be reinvested on behalf of shareholders participating in the DRIP. The Agent will then use these funds to purchase additional shares on behalf of participants directly from Chorus. Proceeds received by Chorus from the issuance of shares under the Plan will be used for general corporate purposes.
Participation in the DRIP is optional and does not affect shareholders' cash dividends, unless they elect to participate in the Plan. Dividends are payable only as and when declared by Chorus' board of directors.
The Plan and enrollment form may be obtained from the Agent by calling 1-800-387-0825, e-mailing [email protected], or visiting the Agent's website at https://ca.astfinancial.com/InvestorServices/Search-DRIP. These documents are also available in the Investor Relations section of Chorus' website at http://chorusaviation.ca/dividend-reinvestment-plan.
1 The term 'shares' refers to Class B Voting Shares and Class A Variable Voting Shares of Chorus.
Headquartered in Halifax, Nova Scotia, Chorus was incorporated on September 27, 2010. Chorus' vision is to deliver regional aviation to the world. Chorus owns Jazz Aviation and Voyageur Aviation – companies that have long histories of safe and solid operations that deliver excellent customer service in the areas of contract flying operations, engineering, fleet management, and maintenance, repair and overhaul. Chorus has been leasing its owned regional aircraft into Jazz's Air Canada Express operation since 2009, and recently established Chorus Aviation Capital to become a leading, global provider of regional aircraft leases and support services. Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. www.chorusaviation.ca
This news release contains 'forward-looking information' as defined under applicable Canadian securities legislation. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions.
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 expressed in the forward-looking information. For a discussion of risks that could cause actual results to differ from those expressed in forward-looking information, please see Chorus' Annual Information Form dated February 15, 2017 and Management's Discussion and Analysis of Results of Operations and Financial Condition dated November 7, 2017. Any statements containing forward-looking information in this news release represent Chorus' expectations as of January 30, 2018 and are subject to change after such date. However, Chorus disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE Chorus Aviation Inc.
For further information: Chorus Media Contacts: Manon Stuart, Halifax, Nova Scotia, (902) 873-5054, [email protected]; Debra Williams, Toronto, Ontario, (905) 671-7769, [email protected]; Analyst Contact: Nathalie Megann, Halifax, Nova Scotia, (902) 873-5094, [email protected]