Air Canada 2011 Annual Report Download - page 113

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2011 Consolidated Financial Statements and Notes
113
To qualify as a “Permitted Bid” under the Plan, a bid must, among other things: (i) be made to all holders of Shares, (ii) remain
open for a period of not less than 60 days, (iii) provide that no Shares shall be taken up unless more than 50% of the then
outstanding Class A Variable Voting Shares and Class B Voting Shares, on a combined basis, other than the Shares held by the
person pursuing the acquisition and parties related to it, have been tendered and not withdrawn, and (iv) provide that if such
50% condition is satisfied, the bid will be extended for at least 10 business days to allow other shareholders to tender.
Following the occurrence of an event which triggers the right to exercise the Rights and subject to the terms and conditions of
the Plan, each Right would entitle the holders thereof, other than the acquiring person or any related persons, to exercise their
Rights and purchase from Air Canada $200 worth of Class A Variable Voting Shares or Class B Voting Shares for $100 (i.e. at a
50% discount to the market price at that time). Upon such exercise, holders of rights beneficially owned and controlled by
Qualified Canadians would receive Class B Voting Shares and holders of rights beneficially owned or controlled by persons
who are not Qualified Canadians would receive Class A Variable Voting Shares.
The Plan is scheduled to expire at the close of business on the date immediately following the date of Air Canada's annual
meeting of shareholders to be held in 2014, unless terminated earlier in accordance with the terms of the Plan.