CK
03-11-2005, 10:53
ACE Aviation Holdings Reports 7.3% Stake In US Airways
Wednesday November 2, 5:11 PM EST
WASHINGTON -(Dow Jones)- ACE Aviation Holdings Inc. (CA:ACE.B) (ACE.B.T), the parent company of airline Air Canada, reported Wednesday holding a 7.3% stake in US Airways Group Inc. (LCC) (LCC), according to a Schedule 13D filed with the Securities and Exchange Commission.
ACE Aviation bought 5 million common shares of US Airways stock at $15 a share Sept. 27 under an investment agreement, the filing said.
In connection with the equity investment, ACE Aviation and US Airways also entered into a stockholders agreement, under which ACE Aviation agreed not to sell any of the shares for six months, and US Airways will provide certain registration rights to the shareholder, including payment of certain fees if it isn't able to cause a registration statement to become effective in the agreed- upon time period, the filing said.
In addition, under the stockholders agreement, ACE Aviation Chairman and Chief Executive Robert A. Milton was appointed to US Airways' board.
Shares of US Airways closed Wednesday at $27.55 each, up $2.53, or 10.11%.
-By Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com
(END) Dow Jones Newswires
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=dji-00112120051102&feed=dji&date=20051102&cat=INDUSTRY
Wednesday November 2, 5:11 PM EST
WASHINGTON -(Dow Jones)- ACE Aviation Holdings Inc. (CA:ACE.B) (ACE.B.T), the parent company of airline Air Canada, reported Wednesday holding a 7.3% stake in US Airways Group Inc. (LCC) (LCC), according to a Schedule 13D filed with the Securities and Exchange Commission.
ACE Aviation bought 5 million common shares of US Airways stock at $15 a share Sept. 27 under an investment agreement, the filing said.
In connection with the equity investment, ACE Aviation and US Airways also entered into a stockholders agreement, under which ACE Aviation agreed not to sell any of the shares for six months, and US Airways will provide certain registration rights to the shareholder, including payment of certain fees if it isn't able to cause a registration statement to become effective in the agreed- upon time period, the filing said.
In addition, under the stockholders agreement, ACE Aviation Chairman and Chief Executive Robert A. Milton was appointed to US Airways' board.
Shares of US Airways closed Wednesday at $27.55 each, up $2.53, or 10.11%.
-By Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com
(END) Dow Jones Newswires
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=dji-00112120051102&feed=dji&date=20051102&cat=INDUSTRY