They asked 45% …they got 42%Once again, AC management has lost the upper hand in a negociation. Remember the 2021 financial help negociation with the ministry of Finance. Michael Sabia , the officer in charge at the time had the upper hand getting shares at 15% discount and warrants free ….and finally, Air Canada cancel the loans 6 months after, the market conditions being better than the tough conditions of the Governement loans. We had dilution at discount …..for nothing.
ALPA guys were smart. They got almost all what they ask.
It is a surprise for everyone; a settlement at 42% was not expected. Westjet gave 24%, US carriers between 34% and 45%. Air Canada is close to have given the best North American agreement for Pilots in 5 years….even if its reality is less easy than US counterparts.
It is a complete miss. Why shareholders were feeling the pain for 1 year under the threat of a strike if the management at the end fullfil 95% of pilots requests. It would have been better to give that last year, and have a normal year, a SP rightly valued and a NCIB sooner. Shareholders suffer the depressed price for one year and they got nothing for that.
Managing a company like Air Canada is not easy but that is the reason it needs to have a smart CEO paid 12M$ per year. Do we have enough for our money with this one?
The Pilots settlement was the most anticipated catalyst event by shareholders in a year...and the boards are empty of comments. This silence speaks volumes about the disappointment.
The SP will get some traction in the next days but we all understand that the game will not be as easy as some thought in the next years. If management can’t help, nobody will.
NOTE I stand by my august 24 post
https://stockhouse.com/companies/bullboard?symbol=t.ac&postid=36194551