WestJet Airlines Ltd. (TSX: WJA) said the Toronto Stock Exchange has approved an amendment to its normal course issuer bid (the NCIB).
The purpose of the amendment is to increase the maximum number of common voting shares and variable voting shares (collectively “Shares”) that may be purchased under the NCIB from 4,000,000 to 6,000,000. This represents approximately 4.75 percent of the issued and outstanding Shares as of the date of the original notice. The increased purchase limit under the NCIB will be effective February 4, 2016.
The NCIB will continue until May 12, 2016, or until such earlier time as the bid is completed or terminated at the option of WestJet. Any Shares WestJet purchases under the bid will be purchased on the open market through the facilities of the TSX at the prevailing market price at the time of such transaction.
On any trading day, WestJet will not purchase more than 25 percent of the average daily trading volume of the Shares for the six months preceding the commencement of the NCIB, being 117,903 Shares, except where such purchases are made in accordance with the block purchase exemptions under the TSX rules.
TD Securities Inc. is the broker firm responsible for making purchases of Shares under the bid on behalf of WestJet. Shares acquired under the bid will be cancelled. To date, WestJet has already purchased 3,200,000 Shares for cancellation since the commencement of the bid on May 13, 2015.
WestJet offers scheduled service to 100 destinations in North America, Central America, the Caribbean and Europe.