ACE Aviation Holdings receives approval for shareholder vote

Airline Industry Information, Sept 1, 2006

AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD

ACE Aviation Holdings (TSX: ACE-A.TO), the parent company of Air Canada, has been given court approval to hold a shareholder vote for the distribution of up to CAD2bn of capital to investors.

The company is expected to ask shareholders to approve a plan of arrangement at a meeting on 5 October. The approval is part of starting the process of spinning off Air Canada, Reuters reported.

Additionally, the company has said that it intends to go ahead with an initial distribution of its units in Aeroplan Income Fund.

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