Ontario Teachers' Pension Plan

Ontario Teachers' Pension Plan

September 06, 2005 15:13 ET

Ontario Teachers' Pension Plan Share Ownership In Westjet Airlines

TORONTO, ONTARIO--(CCNMatthews - Sept. 6, 2005) - Ontario Teachers' Pension Plan Board ("Teachers'") announced that on September 2, 2005, further to WestJet Airlines Ltd.'s (WestJet's) implementation of a variable voting share capital structure, Teachers' acquired direct ownership and control of 18,510,800 common voting shares of WestJet representing approximately 16.7% of the outstanding common voting shares. The acquired common voting shares were obtained through the conversion of the 18,510,800 common shares held by Teachers' prior to the change in the share structure. This press release is being issued in connection with an Early Warning Report required by National Instrument 62-103 and filed with the applicable securities commissions as a result of WestJet's share capital reorganization which caused Teachers' to acquire a new class of securities in exchange for the securities it held prior to the share capital reorganization.

Immediately after the share conversion, Teachers' had ownership and control over 18,510,800 common voting shares of WestJet, representing approximately 16.7% of the outstanding common voting shares.

The common voting shares were acquired as a result of the WestJet share capital reorganization described above and are held for investment purposes only. In fulfilling its responsibilities as an owner of securities, Teachers' may make its views known to WestJet's management or board of directors when proxies are solicited and on other occasions. Depending on market conditions and other factors that Teachers' may deem material to its investment decisions, Teachers' may in the future acquire common voting shares, debentures, options or other derivative securities related to the common voting shares of WestJet, in the open market or in privately negotiated purchases or otherwise. It may also, depending on then-current circumstances, dispose of all or a portion of the common voting shares of WestJet, or options or other derivative securities related to the common voting shares of WestJet, in one or more transactions, in each case to the extent then permitted by applicable law and regulation.

Teachers' is an independent corporation responsible for investing the fund's $88 billion in assets and for administering the pensions of Ontario's 255,000 active and retired teachers.

A copy of the Early Warning Report filed with the applicable securities commissions can be obtained by contacting:



Lee Fullerton
Director, Communications & Media Relations
(416) 730-5347

Ontario Teachers' Pension Plan Board
5650 Yonge Street
Toronto, Ontario
M2M 4H5


Contact Information

  • Ontario Teachers' Pension Plan
    Lee Fullerton
    Director, Communications & Media Relations
    (416) 730-5347