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The 17,647,059 Class B voting shares represent around 17.65% of the aggregate of Air Canada's issued and outstanding Class A variable voting shares and Class B voting shares, or 15% of the aggregate of the issued and outstanding Class A variable voting shares and Class B voting shares calculated after the share issuance.
The share issuance is being made in connection with the Pension Memorandum of Understanding dated 16 June 2009 that Air Canada entered into with the Canadian Airline Dispatchers Association, the National Automobile, Aerospace, Transportation and General Workers Union of Canada (CAW-Canada), Local 2002, the International Association of Machinists and Aerospace Workers and the Air Canada Pionairs, as well as the Pension Memorandum of Understanding entered into by Air Canada with the Air Canada Pilots Association and with the Canadian Union of Public Employees, Airline Division dated 14 June 2009 and 22 June 2009, respectively.
The pension MOUs provider for a 21-month moratorium on past service contributions otherwise required to be made by Air Canada to the defined benefit registered pension plans sponsored by the airline and fixed aggregate annual past service contributions of CAD150m, CAD175m and CAD225m in 2011, 2012 and 2013. Over the term of the pension MOUs , Air Canada will continue to make required current service contributions to the pension plans. Air Canada will take the Class B voting shares to the holding trust which will be established to hold such shares to contribute the eventual net proceeds on such shares to the plans.
(USD1=CAD1.04)
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