Air Canada announces that its shares will trade on the Toronto Stock Exchange under a single ticker

MONTREAL, Oct. 27, 2014 /PRNewswire/ - Air Canada announced today that its Class A variable voting shares and Class B voting shares will trade under a single ticker on the Toronto Stock Exchange ("TSX") effective as of November 3, 2014.

The Class A variable voting shares currently trade on the TSX under the symbol "AC.A" and bear CUSIP number CA0089117034. The Class B voting shares currently trade on the TSX under the symbol "AC.B" and bear CUSIP number CA0089118024. As of November 3, 2014, each of the Class A variable voting shares and the Class B voting shares will trade on the TSX under a single ticker designated "AC", will bear CUSIP number CA0089118776 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Air Canada.

This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the Class A variable voting shares which have historically had lower trading volumes.

The trading of the Class A variable voting shares and the Class B voting shares under a single ticker is limited solely to the administration of trading of the Air Canada shares on the TSX. This change does not involve any amendment to Air Canada's articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attaching to the Class A variable voting shares and the Class B voting shares.

Pursuant to Air Canada's articles of incorporation, the Class A variable voting shares may only be held and controlled by non-Canadians, and the Class B voting shares may only be held and controlled by Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires Air Canada shares on the TSX, such holder will automatically be assigned Class A variable voting shares. Similarly, if a Canadian acquires Air Canada shares on the TSX, such holder will automatically be assigned Class B voting shares.

The combination of trading under a single ticker on the TSX will not result in any  changes to the voting procedures currently adopted by Air Canada for purposes of shareholder meetings, and shareholders who wish to vote at meetings (either by proxy or by attending the meeting in person) will continue to be required to complete a Declaration of Canadian Status in order to enable Air Canada to comply with the restrictions imposed by its articles and the Canada Transportation Act on the ownership and voting of its voting securities.

In addition to declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent and CDS Clearing and Depository Services Inc., Air Canada will continue to regularly monitor the number of its shares beneficially held and controlled by Canadians which represent Class B voting shares and the number of its shares beneficially held or controlled by non-Canadians which represent Class A variable voting shares.

Additional information relating to the terms of the Class A variable voting shares and Class B voting shares is included in Air Canada's Annual Information Form available at www.sedar.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking statements, by their nature, are based on assumptions, including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business.  Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including those identified in Air Canada's public disclosure file available at www.sedar.com. The forward-looking statements contained in this news release represent Air Canada's expectations as of the date of this news release, and are subject to change after such date.  However, Air Canada disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

SOURCE Air Canada