Helijet completes transaction to go private
By Helicopters Staff
Helijet International Inc. based in Richmond, BC, completed its previously announced transaction to go private, in which Danny Sitnam president and CEO has acquired all of the outstanding common shares of the corporation. This transaction does not include shares held by insiders and their extended family, as well as one other extended family who are defined as non-participating shareholders.
The transaction was completed following approval from the Supreme Court of British Columbia, as well as various conditions set out in the initial arrangement agreement between the corporation and Sitnam, which was signed on May 15, 2019.
In connection with the completion of the arrangement, the corporation applied to have its common shares de-listed from the TSX Venture Exchange.
Helijet is described as the world’s largest scheduled helicopter airline carrying more than 2.5 million passengers over the past 33 years. It is also the major service provider of medically equipped helicopters. In April 2019, Helijet renewed its air medical contract with British Columbia Emergency Health Services (BCEHS) for an additional four years, an extension valued at $60 million.