Bombardier to Seek Authorization for Share Consolidations at its Next Shareholder Meeting
MONTRÉAL, March 25, 2022 (GLOBE NEWSWIRE) -- Bombardier issued today its Notice of Annual and Special Meeting of Shareholders to be held on May 5, 2022 at 10:30 a.m. EDT (the Annual Meeting), which will include a Special Resolution authorizing the Corporation to amend its Restated Articles of Incorporation to effect, at the discretion of the Board of Directors, a consolidation of Bombardier Class A shares and a consolidation of Class B shares. The share consolidations would be carried out in a ratio of between ten-for-one (10 for 1) and thirty-for-one (30 for 1), with the exact ratio to be determined by the Board of Directors of the Corporation at a later date.
Bombardier is now focused exclusively on designing, manufacturing and servicing the best business jets in the world. The purpose of the share consolidations is to adjust the number of Bombardier outstanding common shares to a level that is comparable with those of companies with similar market capitalization trading on the Toronto Stock Exchange (TSX).
“This is another step in Bombardier’s journey to be a more streamlined and stronger business jet company focused on creating value for all of its stakeholders,” said Éric Martel, President and Chief Executive Officer of Bombardier. “A share consolidation is a logical and beneficial step in this transformation, with the potential to provide additional trading liquidity to investors.”
Holders of record of Bombardier common shares as of the close of business on March 7, 2022 will be entitled to vote on the items of business at the Annual Meeting, including the Special Resolution for the share consolidations.
If the Special Resolution is approved, the Board of Directors will continue to monitor market conditions and will have discretion, for a period of one year following the Annual Meeting, to determine the exact consolidation ratio and timing of the share consolidations (including to not carry out any share consolidation) as the Board deems to be in the best interests of the Corporation and its stakeholders.
Investors and shareholders can obtain additional information about the proposed share consolidation and the Special Resolution in Bombardier’s 2022 Management Proxy Circular available on SEDAR and on Bombardier’s website.
About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing and servicing the world's most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.
Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and an Australian facility opening in 2022.
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.
FORWARD-LOOKING STATEMENTS
Certain statements in this announcement are forward-looking statements based on current expectations. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from those set forth in the forward-looking statements.
For Information
| Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +1 514 240 9649 | Mark Masluch Senior Director, Communications Bombardier +1 514 855 7167 |
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