Montreal, June 12, 2008
The Board of Directors of Transat A.T. Inc. has filed notice to renew, for a 12-month period, its normal course issuer bid, which will expire on June 14, 2008.
In the notice, the Corporation states its intention to purchase for cancellation up to a maximum of 3,175,506 Class A Variable Voting Shares and Class B Voting Shares, representing less than 10% of the public float of Class A Variable Voting Shares and Class B Voting Shares. As of June 10, 2008, Transat had a total of 32,647,793 Class A Variable Voting Shares and Class B Voting Shares issued and outstanding, including a public float of 31,755,062 Class A Variable Voting Shares and Class B Voting Shares.
The normal course issuer bid is designed to allow the Corporation proper utilization of its excess of cash.
These purchases are to be made through the facilities of the Toronto Stock Exchange in accordance with its policy on normal course issuer bids. The price which the Corporation will pay for repurchased shares will be the market price at the time of acquisition plus brokerage fees. Purchases may commence as of June 16, 2008 and will terminate no later than June 15, 2009.
The average daily trading volume of the Corporation’s Class A Variable Voting Shares and Class B Voting Shares over the last six complete calendar months was 101,694 shares (the “ADTV”). Accordingly, under TSX rules and policies, the Corporation is entitled on any trading day to purchase up to 25,423 Class A Variable Voting Shares and Class B Voting Shares.
Pursuant to its normal course issuer bid, the Corporation acquired for redemption between June 15, 2007 and June 10, 2008, 1,361,600 Class B Voting Shares, with respect to which the average redemption price paid was $25.42 per Class B Voting Share and no Class A Variable Voting Shares.
About Transat
Transat A.T. Inc. is an integrated international tour operator with more that 60 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada and Europe, as well as in the Caribbean, Mexico and the Mediterranean Basin. Montreal-based Transat is also active in air transportation, destination services, accommodation and distribution. (TSX:TRZ.B; TRZ.A ).