MONTREAL, Oct. 27/CNW/
Transat A.T. Inc. (``Transat'') announces that it has obtained approval from the Montreal Exchange and the Toronto Stock Exchange in order to prolong its normal course issuer bid. Therefore, beginning on October 29th, 1999, Transat will be authorized to acquire, from time to time, during a twelve-month period and when it deems it appropriate, an additional number of 2,742,595 common shares, representing approximately 10% of its public float of 27 425 957 common shares as at October 22th, 1999. The common shares purchased will be cancelled. There were 33,005,132 common shares issued and outstanding as at October 22th, 1999.
Transat's management considers the acquisition of common shares that it may effect from time to time in the course of this issuer bid is advantageous both to the Corporation and its shareholders.
If Transat deems it appropriate, purchases may commence on October 29th, 1999 until, at the latest, October 28th, 2000. As part of its ongoing normal course issuer bid, Transat has acquired as of October 22, 1999, 1,545,390 common shares at an average price of $6.79.
Transat A.T. Inc., a leader in the Canadian travel and tourism industry, is a public corporation listed on the Montreal and the Toronto stock exchanges. Through its subsidiaries and affiliates, it is involved in all aspects of the distribution of travel services and air transportation.
Its wholly owned subsidiaries are: the airline Air Transat, tour operators Vacances Air Transat Holidays (Montreal, Quebec City, Toronto, Vancouver and Fort Lauderdale), Vacances Air Transat (France), Nolitour (Montreal) and Regent Holidays (Toronto) as well as the Tourbec travel agency chain.
Transat A.T. Inc. holds an interest in tour operators Look Voyages (98%), Brok'Air (39%) and World of Vacations (35%), and in Consultour/Club Voyages, a travel agency franchise group (50%), as well as in Services Haycot (50%), an airport handling services company. Vacances Air Transat holds a 66.7% interest in the incoming tour operator DMC Transat and Look Voyages owns 49.6% of STAR Airlines.