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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Transat A.T. Inc.    TRZ   CA89351T4019

TRANSAT A.T. INC.

(TRZ)
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Transat executives take a hit from reduced value of sale to Air Canada: proxy

11/16/2020 | 12:53pm EST

MONTREAL — Nearly two dozen Transat A.T. executives and directors will see their proceeds from the company's sale to Air Canada drop following a dramatic reduction in the transaction's value.

They will split about $13 million for the shares of Air Transat's parent company and other financial instruments they hold, according to a circular sent to shareholders ahead of the Dec. 15 meeting to vote on the revised deal.

The sum is lower than the estimated $35 million they would have shared when the country's largest airline was willing to pay $18 for each Transat A.T. share in a transaction valued at $ 720 million.

Severe turbulence caused by the COVID-19 pandemic, which continues to rock the commercial aviation sector, led to a renegotiation between the two parties. Air Canada will pay $5 per share as part of the takeover, estimated at around $190 million, whose deadline has been extended to Feb. 15, 2021 from Dec. 27.

The $13 million does not take into account severance benefits totalling at least $11.3 million that could be granted to the five main executives of Transat AT if they are dismissed after the deal's closing next year.

The deal still requires approvals from the European Commission and Canada.

The full amount for the 23 officers, executives and directors may vary slightly because they have the option to convert the Transat shares they hold into Air Canada shares at a conversion price set at $17.47. Air Canada's shares were trading at $20.13 in Monday afternoon trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Nov. 16, 2021,

Companies in this story: (TSX:AC, TSX:TRZ)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA 0.27% 22.09 Delayed Quote.-3.25%
TRANSAT A.T. INC. 0.00% 4.85 Delayed Quote.-11.66%
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Financials
Sales 2021 1 015 M 799 M 799 M
Net income 2021 -212 M -167 M -167 M
Net Debt 2021 - - -
P/E ratio 2021 -0,86x
Yield 2021 -
Capitalization 183 M 144 M 144 M
Capi. / Sales 2021 0,18x
Capi. / Sales 2022 0,10x
Nbr of Employees 5 100
Free-Float 89,2%
Chart TRANSAT A.T. INC.
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Transat A.T. Inc. Technical Analysis Chart | TRZ | CA89351T4019 | MarketScreener
Technical analysis trends TRANSAT A.T. INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 6,20 CAD
Last Close Price 4,85 CAD
Spread / Highest target 54,6%
Spread / Average Target 27,8%
Spread / Lowest Target 3,09%
EPS Revisions
Managers and Directors
NameTitle
Jean-Marc Eustache Chairman, President & Chief Executive Officer
Annick Guerard Chief Operating Officer
Denis Pétrin CFO, VP-Administration & Head-Investor Relations
Bruno Leclaire Chief Information Officer & Digital Officer
Philippe Sureau Independent Director
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