BUSINESS

ACE Aviation to shift stock listing to junior market as part of liquidation

07/16/2012 08:22 EDT | Updated 09/15/2012 05:12 EDT
MONTREAL - ACE Aviation Holdings Inc. (TSX:ACE) says it's preparing to move its stock listing from Canada's largest stock market to the NEX board of the TSX Venture Exchange.

The company expects the transfer will occur on Sept. 17, assuming the plan gets approval from NEX — part of the same group that owns the Toronto Stock Exchange.

ACE is a Montreal-based holding company that was created in 2003 as part of the court-supervised restructuring of Air Canada. ACE is being dissolved now that its subsidiaries, including the airline, have been spun off or sold.

As a result, the Toronto Stock Exchange has advised ACE that it no longer meets the TSX listing requirements. It said ACE shares would be delisted by the close of business on Sept. 14.

They closed at $2.75 on Friday, with less than 7,000 traded in the week from July 9 to 13.