WestJet

WestJet

March 24, 2005 18:32 ET

WestJet Provides Update on Non-Canadian Ownership Levels


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WESTJET

TSX SYMBOL: WJA

MARCH 24, 2005 - 18:32 ET

WestJet Provides Update on Non-Canadian Ownership
Levels

CALGARY, ALBERTA--(CCNMatthews - March 24, 2005) - WestJet (TSX:WJA)
advises that at the close of trading on March 24, 2005, the non-Canadian
ownership level of its common shares was 23.0%. This represents a
decrease of 994,992 shares or a net 1.1 percentage-point decrease in
non-Canadian ownership of WestJet common shares since January 12, 2005,
the last time WestJet reported non-Canadian ownership levels.

Under Canadian law, non-Canadian ownership of airline voting shares is
limited to 25% of outstanding shares. WestJet has established special
operating procedures for non-Canadian transfers and monitoring of the
non-Canadian ownership levels of its voting shares.

Non-Canadians wanting to buy WestJet shares can reserve the right to
obtain transfers by contacting WestJet's transfer agent, CIBC Mellon
Trust Company (CIBC Mellon), to obtain a reservation number after
completing a reservation application. If sufficient common shares are
available, WestJet's transfer agent will record a reservation number,
the number of common shares assigned and the applicable expiry date of
the reservation, and return the application with those details to the
applicant within two hours of receipt.

If insufficient or no common shares are available for non-Canadian
shareholders, CIBC Mellon will so advise the applicant within two hours
of receipt of its reservation application. WestJet's policy is to permit
reservations to stand for four business days when non-Canadian ownership
levels exceed 21.0%. A reservation number is valid for one transfer only
and the transfer must be received prior to the expiry date, being 4:30
p.m. (Mountain Time) on the fourth business day after the reservation
number has been issued (tenth business day if non-Canadian ownership
levels are below 21.0%). Common shares for non-Canadians are not
permitted to be held by the Canadian Depository for Securities or any
other depository.

The non-Canadian reservation application may be found in the investor
relations section of WestJet's website at www.westjet.com or by calling
CIBC Mellon at 1-800-387-0825 (within North America) or 1-403-232-2400
(outside North America) between 7:30 a.m. and 4:30 p.m. (Mountain Time)
Monday to Friday, excluding statutory holidays.

WestJet intends to issue further press releases promptly following any
incremental increase or decrease of non-Canadian ownership of one per
cent or more of its outstanding common shares for so long as
non-Canadian ownership is in the aggregate in excess of 21% of
outstanding common shares.

WestJet's Articles of Incorporation include the obligation of WestJet to
refuse to recognize all ownership rights that would otherwise be
attached to any voting shares held contrary to ownership restrictions,
by deeming all such shares to be struck from its register of securities.
In addition, in circumstances where non-Canadian holders of common
shares hold in excess of 25% of the voting rights of those eligible to
vote at a WestJet shareholders' meeting, the voting rights of those
holders will be reduced pro-rata such that voting rights of
non-Canadians will be limited to 25% of the rights attaching to all
common shares represented at a meeting.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    WestJet
    Public Relations and Communications
    (403) 444-2615
    (403) 444-2261 (FAX)
    Website: www.westjet.com