Canadian Helicopters Income Fund

Canadian Helicopters Income Fund

December 23, 2008 11:50 ET

Canadian Helicopters Income Fund Announces Renewal of Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwire - Dec. 23, 2008) - Canadian Helicopters Income Fund (TSX:CHL.UN) (the "Fund") announces today that the Toronto Stock Exchange (the "TSX") has accepted the Fund's notice of intention to make a normal course issuer bid (the "Notice") to purchase some of its outstanding ordinary units through the facilities of the TSX for a period of twelve months ending on December 28, 2009. Up to 785,641 units of the Fund, representing approximately 10% of the public float of the Fund's units on December 22, 2008, may be purchased under the bid. As of December 22, 2008, 10,347,011 units are issued and outstanding, of which 7,856,415 are comprised in the public float. Daily repurchases will be limited to 10,365 units, other than block purchase exception, until March 31, 2009 (or such later date approved by the TSX) and 5,182 units thereafter, other than block purchase exception. The purchases may commence on December 29, 2008 and may extend to December 28, 2009 or on such earlier date as the Fund may complete its purchases pursuant to the Notice or otherwise terminate the bid. The number of units that the Fund intends to repurchase and the time of such repurchases will be determined by the Fund, at its discretion.

In the opinion of management of the Fund, this normal course issuer bid is justified by the fact that the units might be undervalued on the market from time to time with regard to the Fund's financial position and future prospects and that the purchase thereof by the Fund is an appropriate use of its funds.

All the units acquired under the bid will be purchased through the facilities of the TSX in accordance with its requirements. All units acquired will automatically be cancelled. The units will be purchased at their market price at the time of acquisition.

In the past 12 months, the Fund purchased 181,300 units at an average price of $6.963 per unit. These purchases were made in open market transactions by the Fund's dealer on its behalf pursuant to the terms of the Fund's normal course issuer bid in place from December 21, 2007 until December 20, 2008 and the automatic securities purchase plan put in place by the Fund on November 18, 2008.

About Canadian Helicopters Income Fund

Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is the largest helicopter transportation services company operating in Canada and one of the largest in the world based on the size of its fleet. From over 40 base locations across Canada, Canadian Helicopters provides helicopter services to a broad range of sectors, including emergency medical services, infrastructure maintenance, utilities, oil and gas, forestry, mining and construction. In addition to helicopter transportation services, Canadian Helicopters operates three flight schools and provides third party repair and maintenance services. With over 60 years of experience, Canadian Helicopters is an industry leader in establishing safety standards and operating procedures.

Contact Information

  • Canadian Helicopters Income Fund
    Jean-Pierre Blais
    Canadian Helicopters Income Fund
    Don Wall
    Senior Executive Vice-President