ace-aviation

ACE announced that its Board of Directors has authorized a substantial issuer bid (the Offer) to purchase for cancellation up to Cdn$500 million of ACE’s Class A Variable Voting Shares and Class B Voting Shares (collectively, the Shares) for a combined aggregate of up to 23,809,523 Shares.

ACE Aviation Holdings reported net income of $1,398 million for the full year 2007. Net income included $1,366 million pre-tax gains mainly from the sale of ACTS and from the secondary offerings of Aeroplan and Jazz. Operating income amounted to $453 million including operating income of $433 million at Air Canada. Air Canada reported EBITDAR