MIAMI, FL., May 25, 2021 – Global Crossing Airlines Group Inc. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to announce the receipt of an Interim Order from the Supreme Court of British Columbia (the “Interim Order“) in connection with their previously announced plan of arrangement (the “Arrangement“) pursuant to which GlobalX will spin-out the shares of its wholly-owned subsidiary Canada Jetlines Operations Ltd. (“Jetlines”) to its shareholders. Having obtained the Interim Order, GlobalX has posted an Information Notice on SEDAR at www.sedar.com that contains all of the details regarding the Arrangement.
Each shareholder of GlobalX, as of the record date for the Arrangement (“Record Date”), will receive one share of Jetlines for every two shares of GlobalX held on the Record Date. After distribution GlobalX will retain 25% of Jetlines shares, with 75% held by GlobalX shareholders as of the Record Date. GlobalX has determined that, subject to receipt of final approval from the Supreme Court of British Columbia the Record Date will be Thursday, June 24, 2021.
On the closing of the Arrangement, Jetlines and GlobalX will be operated as separate companies with separate management teams and Boards of Directors. For further details on the Arrangement and the business of Jetlines following the Arrangement, please refer to the Information Notice.
About Global Crossing Airlines Group
GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information please visit www.globalxair.com.
About Canada Jetlines
Canada Jetlines is a Canadian Low Cost Carrier that intends to begin operations, pending CTA approval, as a Tour Operator with flights into popular sun destinations in the USA and Mexico. Canada Jetlines intends to operate a very efficient fleet of Airbus A320 Aircraft providing safe, reliable, friendly, and consistent service to Canadians.
For more information about everything Canada Jetlines, please visit www.jetlines.ca.
Additional Information
In order to comply with regulatory requirements for foreign control of a Canadian airline, Jetlines will establish a dual class share structure of Common Shares and Variable Voting Shares. Common Voting Shares carry one vote per share at meetings of shareholders of Jetlines. The number of votes for each Variable Voting Share is subject to adjustment in the event that foreign voting control limits are exceeded as prescribed by the Canada Transportation Agency. Common Voting Shares may only be owned or controlled by persons who are Canadians and Variable Voting Shares may only be owned or controlled by persons who are not Canadians. As a result Canadian shareholders of GlobalX will receive Common Voting Shares of Jetlines and non-Canadian shareholders of GlobalX will receive Variable Voting Shares of Jetlines. Going forward if additional Jetlines shares are purchased, such shares will be deemed to be automatically converted to Common Voting Shares when held by Canadians and to Variable Voting Shares when held by non-Canadians.
No fractional Jetlines shares will be distributed to the shareholders of GlobalX and, as a result, all fractional amounts arising under the Arrangement will be rounded down to the next whole number without any compensation therefor.
The completion of the Arrangement would not affect in any way the current shareholdings of shareholders in Global Crossing Airlines Group Inc. The completion of the Arrangement and distribution of any securities to shareholders in the new proposed company is subject to a number of conditions including the final approval of the British Columbia Supreme Court. There is no certainty the transaction will be completed on the terms currently proposed or at all and the Board of GlobalX may determine to not proceed with the Arrangement should there be a change in market conditions or investor interest or should another opportunity arise that would similarly enhance value for shareholders.
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Source: https://canadianaviationnews.wordpress.com/2021/05/25/global-crossing-airlines-announces-interim-order-for-spin-out-of-canada-jetlines/
