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Good news from WestJet

Old 14th Feb 2002, 10:05
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Cool Good news from WestJet

FEBRUARY 13, 2002 - 17:50 EST

WestJet Announces Stock Split and The Purchase of Two. .Additional Aircraft

CALGARY, ALBERTA--WestJet today announced its Board of Directors . .has approved a stock split on the basis of three common shares for. .each two common shares held. The stock split is subject to . .shareholders' approval. The Board has also approved the purchase . .of two additional Next-Generation Boeing 737-700 series aircraft . .to be delivered in November and December of 2002.

The airline has also signed a preliminary agreement for the . .short-term lease of two Boeing 737-800 series aircraft. These . .aircraft will be in service with WestJet for approximately seven . .months, commencing in May 2002.

The record date for the stock split will be on or about May 3, . .2002, with the shares commencing trading on a split basis at the . .opening of business on or about May 1, 2002. The stock split is . .proposed to be considered at WestJet's Annual and Special Meeting . .to be held on Thursday, April 25, 2002 at the company's Calgary . .hangar.

WestJet's plan to purchase two additional new Boeing 737-700 . .series aircraft in November and December of this year will bring . .the total number of aircraft added to the airline's fleet in 2002 . .to ten. These two 737-700 series aircraft are eligible for . .financing as part of WestJet's $744 million (USD) commitment from . .the Export-Import Bank of the United States.

The two 737-700 series aircraft announced today are a part of the . .previously announced 48 optional aircraft arrangement with Boeing . .signed in August 2000. The airline is maintaining its plans to . .acquire 26 aircraft under its firm purchase arrangement with . .Boeing in addition to the two announced today.

The Boeing 737-800 series aircraft, with its 150-person capacity, . .is virtually identical to the B737-700 the airline currently . .operates.

Clive Beddoe, WestJet Chairman, President and Chief Executive . .Officer said today: "We are proposing that our shareholders . .approve this stock split at our Annual and Special Meeting in . .April. We believe that this will ensure that the price level and . .ownership of our airline remains accessible to our many and varied. .investors. We continue to have tremendous support from our guests. .and the investment community and we see this as one way to ensure . .that our shares remain more available to an increasing number of . .people.

"We are also excited to announce our plan to purchase two . .additional Next-Generation Boeing 737-700 aircraft this year as . .well as the lease of the 737-800 series aircraft that will bridge . .our operations until the 700's arrive. The B737-800 aircraft will. .provide us with additional capacity to meet the growing demand for. .WestJet's low-fare service throughout the busy summer travel . .season.

"With the substantial capacity we will be adding to the market . .this year, we have dramatically increased our expansion options. . .Although we have not yet made any final decisions on where we will. .apply this additional capacity, we are looking forward to adding . .more destinations and strengthening our current network with . .greater connectivity and frequency. Announcements regarding our . .summer schedule will be made in the coming weeks."

WestJet serves the 21 Canadian cities of Victoria, Comox, . .Vancouver, Abbotsford/Fraser Valley, Prince George, Kelowna, . .Calgary, Edmonton, Grande Prairie, Fort McMurray, Saskatoon, . .Regina, Winnipeg, Thompson, Sudbury, Sault Ste. Marie, Thunder . .Bay, London, Ottawa, Hamilton and Moncton. WestJet currently . .operates a fleet of 28 Boeing 737 aircraft, featuring five . .state-of-the-art Next-Generation 737-700 aircraft. WestJet is . .publicly traded on the Toronto Stock Exchange under the symbol . .WJA.
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