Air Canada 2014 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2014 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

117
2014 Consolidated Financial Statements and Notes 117
2014 Consolidated Financial Statements and Notes
13. SHARE CAPITAL
NUMBER OF SHARES VALUE
AT JANUARY 1, 2013 274,443,803 $ 813
Shares issued on the exercise of stock options 2,064,264 4
Shares issued on the exercise of warrants 7,916,667 12
Repurchase of warrants -(2)
Shares in trust for employee recognition award 107,705 -
AT DECEMBER 31, 2013 284,532,439 827
Shares issued on the exercise of stock options 619,478 2
Shares in trust for employee recognition award 1,337,377 6
AT DECEMBER 31, 2014 286,489,294 $ 835
The issued and outstanding common shares of Air Canada, along with the potential common shares, were as
follows:
2014 2013
ISSUED AND OUTSTANDING
Class A variable voting shares 69,232,535 26,577,512
Class B voting shares 217,256,759 257,954,927
TOTAL ISSUED AND OUTSTANDING 286,489,294 284,532,439
POTENTIAL COMMON SHARES
Shares held in trust Note 14 -1,337,377
Stock options Note 14 10,002,975 10,079,694
TOTAL POTENTIAL COMMON SHARES 10,002,975 11,417,071
COMMON SHARES
As at December 31, 2014, the common shares
issuable by Air Canada consist of an unlimited
number of Class A Variable Voting Shares (“Variable
Voting Shares”) and an unlimited number of Class B
Voting Shares (“Voting Shares”). The two classes of
common shares have equivalent rights as common
shareholders except for voting rights. Holders of
Variable Voting Shares are entitled to one vote
per share unless (i) the number of Variable Voting
Shares outstanding, as a percentage of the total
number of voting shares of Air Canada exceeds 25%
or (ii) the total number of votes cast by or on behalf
of holders of Variable Voting Shares at any meeting
exceeds 25% of the total number of votes that may
be cast at such meeting. If either of the above noted
thresholds would otherwise be surpassed at any time,
the vote attached to each Variable Voting Share will
decrease proportionately such that (i) the Variable
Voting Shares as a class do not carry more than 25%
of the aggregate votes attached to all issued and
outstanding voting shares of Air Canada and (ii)
the total number of votes cast by or on behalf of
holders of Variable Voting Shares at any meeting
do not exceed 25% of the votes that may be cast at
such meeting.
Variable Voting Shares may only be held, beneficially
owned or controlled, directly or indirectly, by
persons who are not Canadians (within the meaning
of the Canada Transportation Act). An issued and
outstanding Variable Voting Share shall be converted
into one Voting Share automatically and without
any further act of Air Canada or the holder, if such
Variable Voting Share becomes held, beneficially
owned and controlled, directly or indirectly, otherwise
than by way of security only, by a Canadian, as
defined in the Canada Transportation Act.
Voting Shares may only be held, beneficially
owned and controlled, directly or indirectly,
by Canadians. An issued and outstanding Voting
Share shall be converted into one Variable Voting
Share automatically and without any further act
of Air Canada or the holder, if such Voting Share
becomes held, beneficially owned or controlled,
directly or indirectly, otherwise than by way of
security only, by a person who is not a Canadian.
Effective November 3, 2014, Air Canada’s Class B
voting shares and Class A variable voting shares are
listed for trading on the Toronto Stock Exchange
under the single ticker “AC”.