WestJet Airlines Ltd. (TSX:WJA) has reported Toronto Stock Exchange (TSX) has accepted its notice of intention to make a normal course issuer bid to purchase outstanding variable voting and common voting shares on the open market in accordance with the rules of the TSX, the company said.
As approved by the TSX, WestJet is authorized to purchase up to 4,000,000 Shares under the normal course issuer bid, representing 3.3 per cent of WestJet´s issued and outstanding shares, as of April 30, 2016. As of that date, there were 122,307,705 variable voting and common voting shares issued and outstanding. On any trading day, WestJet will not purchase more than 25 percent of the average daily trading volume of the shares for the past six months calculated in accordance with the rules of the TSX, being 102,684 shares, except where such purchases are made in accordance with the block purchase exemptions under the TSX rules.
During the period between May 13, 2015 and May 12, 2016, WestJet completed the purchase of 5,348,121 shares under its previous normal course issuer bid.