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Thread: ACE Aviation buys back preferred shares for cancellation for $73.6 million
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Old Sep 21, 2009 | 11:03 am
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tcook052
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ACE Aviation buys back preferred shares for cancellation for $73.6 million
http://www.google.com/hostednews/can...llATHld8z00GMw

MONTREAL — ACE Aviation Holdings Inc. (TSX:ACE.B), the parent company of Air Canada (TSX:AC.B), said Monday it was repurchasing and cancelling all of its preferred shares in a deal worth $73.6 million.

The Montreal-based holding company, which has actively discussed dissolution in the past, said it will buy back 3.2 million preferred shares from Morgan Stanley Canada Ltd. for $23 apiece.

No other terms of the deal were immediately disclosed. ACE, which owns 75 per cent of Air Canada, has put off a formal vote to dissolve the company due to opposition from some shareholders and board members.
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