Air Who?

[Sunrunner69]

Now that the government has sold all of its shares in Air Canada, maybe L.TO (Loblaw) will buy it and the pilots will fly for Air No Name. Surprise! OT in the bakery later…

“Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge”

https://apple.news/ADsK_elCBQV-KEidjyMQgWw

[CaptDukeNukem]

Now that the government has sold all of its shares in Air Canada, maybe L.TO (Loblaw) will buy it and the pilots will fly for Air No Name. Surprise! OT in the bakery later…

“Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge”

https://apple.news/ADsK_elCBQV-KEidjyMQgWw

Cool. Another pay site to read an article. How bout posting the article instead of a link

[Sunrunner69]

Now that the government has sold all of its shares in Air Canada, maybe L.TO (Loblaw) will buy it and the pilots will fly for Air No Name. Surprise! OT in the bakery later…

“Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge”

https://apple.news/ADsK_elCBQV-KEidjyMQgWw

Cool. Another pay site to read an article. How bout posting the article instead of a link

Sorry about that, forgot about our flat pay friends.

REPORT ON BUSINESS
Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge
The federal government has sold its roughly 6-per-cent stake in Air Canada in the past few days, according to a confidential source, capitalizing on the airline’s surging share price over the past three months.
The sale caps a three-year journey that saw Ottawa buy Air Canada shares and offer the carrier $5.9-billion worth of loans as part of a bailout package in April, 2021. At the time, the hope was that the financial support would shore up the finances of Canada’s largest airline after it lost billions of dollars amid pandemic shutdowns.
Air Canada terminated $4-billion of the loan package after only seven months, but Ottawa held on to its common shares until this week. By selling now, the government has been able to make a profit on the investment.
Ottawa initially purchased $500-million of Air Canada AC-T shares for about $23.18 apiece, while the government’s average selling price over the past few days was around $25 a share, according to the source, whom The Globe and Mail is not identifying because they are not authorized to discuss the matter publicly. Ottawa is capitalizing on a 67-per-cent rally in Air Canada’s share price since early September.
Ottawa unloaded more than 14 million shares this week through two large, back-to-back block trades – one for 4.15 million shares on Wednesday, facilitated by RBC Dominion Securities, and another for 10.13 million shares early Thursday, facilitated by TD Securities, according to trading data reviewed by The Globe. The average weighted price for these sales was $25.02 a share.
Air Canada shares closed at $25.28 apiece Thursday on the Toronto Stock Exchange.
A government spokesperson declined to comment Thursday, but in recent months the Finance Department had stressed that Ottawa did not want to hold on to the common shares for years. “The government does not intend to be a long-term shareholder of Air Canada and the shares will be divested in due course,” Ministry of Finance spokeswoman Marie-France Faucher said in September.
Peter Fitzpatrick, an Air Canada spokesperson, declined to comment Thursday.
Air Canada accepted Ottawa’s aid package almost a year into the pandemic, which halted most airline traffic and closed borders. The domestic aviation industry had lobbied intensely for financial help to limit deep losses, pointing to the large aid packages given to their international rivals.
During the pandemic, Air Canada laid off more than half of its 38,000 employees and grounded much of its fleet, posting a total loss of $9.9-billion between 2020 and 2022. The airline has since ridden a global recovery in demand for travel to post profits, add routes and expand its fleet.
Ottawa’s aid came with conditions: that the carrier provide customer refunds and protect jobs, among other stipulations. The airline, for instance, was not able to use the money to buy back its own shares, and executive compensation was capped at $1-million.
The government was also granted share purchase warrants that allowed Ottawa to buy shares at a pre-set price in the future – a common feature of higher-risk financings. The airline bought the warrants back from the government for $82-million in 2022.
Ottawa’s share sale this week follows not only a rebound in Air Canada’s share price but soaring equity markets in Canada and the United States. The benchmark S&P/TSX Composite Index is up 21.7 per cent year-to-date.
The rally in stock prices has allowed investment banks to underwrite a series of stock sales in recent months, including two large sales from consumer-focused companies. Clothing retailer Groupe Dynamite Inc. recently went public in Canada, raising $300-million in an initial public offering, and Dentalcorp Holdings Ltd. recently launched a $100-million equity sale.

[rooster]

Now that the government has sold all of its shares in Air Canada, maybe L.TO (Loblaw) will buy it and the pilots will fly for Air No Name. Surprise! OT in the bakery later…

“Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge”

https://apple.news/ADsK_elCBQV-KEidjyMQgWw

Yawn..

You must be bored. Try picking up a hobby? Maybe get a cat?

[Sunrunner69]

Now that the government has sold all of its shares in Air Canada, maybe L.TO (Loblaw) will buy it and the pilots will fly for Air No Name. Surprise! OT in the bakery later…

“Ottawa unloads its Air Canada stake, cashing in on the airline’s 67-per-cent share price surge”

https://apple.news/ADsK_elCBQV-KEidjyMQgWw

Yawn..

You must be bored. Try picking up a hobby? Maybe get a cat?

….and put the cat through these horrendous jokes?! No way. Anyways no, I was merely interested in how this will effect the share price this week - whether we’ll see a continued exodus from current investors or if they remain confident in the operation. Survival of the fitness now boys because a link is only as long as your longest strong chain. Take care.