Chorus Announces Shareholder Approval of the Sale of its Regional Aircraft Leasing Segment

HALIFAX, NS, Sept. 25, 2024 /CNW/ – Chorus Aviation Inc. (TSX: CHR) (“Chorus” or the “Company”) announced today that Chorus’ shareholders have voted to approve the previously announced sale of the Company’s assets comprising the Regional Aircraft Leasing segment (the “Transaction”). The Transaction was approved by approximately 98.1% of votes cast by Chorus shareholders at a special meeting held today to consider the Transaction. To be effective, the resolution to approve the Transaction required the affirmative vote of at least two-thirds of the votes cast by Chorus shareholders. The report on voting results will be filed under the Company’s profile on SEDAR+ (www.sedarplus.ca).

Chorus also announced the satisfaction of two regulatory conditions to completion of the Transaction: (i) the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976; and (ii) the receipt of approval from Ireland’s Competition and Consumer Protection Commission. Further, it was confirmed that the Transaction does not require a notification or filing under the Competition Act (Canada) or Part IV of the Investment Canada Act (Canada). The Transaction remains subject to the other regulatory approvals and customary conditions to closing described in the Management Proxy Circular dated August 19, 2024 (the “Circular”) and set out in the Sale and Purchase Agreement in respect of the Transaction dated July 30, 2024, both of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Forward-Looking Information

This news release contains forward-looking information and statements within the meaning of applicable securities laws (collectively, “forward-looking information”). Forward-looking information involves significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that a condition to the closing of the Transaction may not be satisfied or that the closing of the Transaction might be delayed or not occur at all. Actual results could differ materially from those described in forward-looking information due to known or unknown risks, including, but not limited to, the risk factors described in the Circular and in Chorus’ public disclosure record, in each case available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained in this news release represents Chorus’ expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.

About Chorus Aviation Inc.

Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Our current principal subsidiaries are: Falko Regional Aircraft, the leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training.

Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol ‘CHR’. Chorus 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbols ‘CHR.DB.A’, ‘CHR.DB.B’, and ‘CHR.DB.C’ respectively. For further information on Chorus, please visit www.chorusaviation.com.

SOURCE Chorus Aviation Inc.