Air Canada announced today that, in connection with its previously announced normal course issuer bid to purchase for cancellation, up to 22,364,183 Class A variable voting shares and Class B voting shares (collectively the "Shares"), representing 10 per cent of the public float of 223,641,836 Shares as at May 17, 2017 (the "Issuer Bid"), it entered into an automatic share purchase plan (the "Plan") with a designated broker to facilitate the purchase of Shares under the Issuer Bid at times when Air Canada would ordinarily not be permitted to purchase its Shares due to regulatory restrictions or self-imposed blackout periods. Air Canada self-imposes regular blackouts during the period commencing two weeks prior to the end of each fiscal quarter to and including two trading days after the public announcement of Air Canada's quarterly or annual financial results.
Pursuant to the Plan, before entering a blackout period, Air Canada may, but is not required to, instruct the designated broker to make purchases under the Issuer Bid in accordance with the terms of the Plan. Such purchases will be determined by the designated broker based on parameters established by Air Canada prior to the blackout period in accordance with the rules of the Toronto Stock Exchange (the "TSX"), applicable securities laws and the terms of the Plan. The Plan has been pre-cleared by the TSX and will be implemented effective on October 27, 2017.
Outside of the pre-determined blackout periods, Shares may be purchased under the Issuer Bid at the discretion of Air Canada, in compliance with TSX rules and applicable securities laws. The Issuer Bid commenced on May 31, 2017 and is scheduled to terminate on May 30, 2018. Any repurchases made under the Plan will count towards the number of Shares purchased under the Issuer Bid.