Fri, Feb 28, 2020
Completion Of The Plan Of Arrangement Is Subject To Shareholder And Government Approval
Canadian freight carrier Cargojet will seek shareholder approval at its 2020 annual and special meeting of shareholders to amend its articles of incorporation to increase the limits of foreign ownership and control of its voting shares to those permitted by amendments made to the Canada Transportation Act (CTA) in 2018. The amendments to its articles will be undertaken by way of a court supervised and shareholder approved statutory plan of arrangement.
Prior to the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The Government of Canada's stated purpose in implementing the CTA amendments is to attract more foreign investment and encourage growth in the aviation sector by increasing, from 25% to 49%, the permitted level of foreign ownership of Canadian air carriers. At the same time, the CTA amendments introduced two new limitations on voting ownership and control, by capping the voting rights of single non-Canadians and of the aggregate of non-Canadian air carriers at 25%.
Completion of the plan of arrangement is subject to shareholder approval and approval of the Ontario Superior Court of Justice (Commercial List). Full details regarding the plan of arrangement will be included in the management information circular which will be made available to Cargojet's shareholders in connection with the shareholder meeting scheduled for March 30, 2020.
Cargojet is a Canadian provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations. Cargojet owns a fleet of 26 aircraft.
(Source: Cargojet news release)
More News
Very High Frequency The frequency band between 30 and 300 MHz. Portions of this band, 108 to 118 MHz, are used for certain NAVAIDs; 118 to 136 MHz are used for civil air/ground voi>[...]
Aero Linx: Aviation Suppliers Association Established February 25, 1993, the Aviation Suppliers Association (ASA), based in Washington, D.C., is a not-for-profit association, repre>[...]
Have A Story That NEEDS To Be Featured On Aero-News? Here’s How To Submit A Story To Our Team Some of the greatest new stories ANN has ever covered have been submitted by our>[...]
From 2021 (YouTube Version): Colorado Campus Offers aVariety Of Aerospace Entertainment And Education Wings over the Rockies Exploration of Flight is the second location for the Wi>[...]
Also: Paramotor Champ's, Electric Ultralight, ICON BK Update, Burt Rutan at Oshkosh! The Popular Rotorcraft Association is reaching out for help in rebuilding their private runway >[...]