AEI Receives Transport Canada STC Approval For B737-300SF And B737-400SF Freighter Conversions
Aeronautical Engineers, Inc. (AEI) announced it has gained Transport Canada Civil Aviation approval for its STC (ST01827LA) for the 11-pallet position B737-400SF freighter conversion and the 10-pallet position B737-300SF freighter conversions. Foreseeing an uptick in demand for the B737 Classic freighter programmes, AEI initiated the approval process with Transport Canada in the 4th quarter of 2019. In addition to FAA, EASA, and now Transport Canada approvals, AEI’s B737-400SF and B737-300SF freighter conversions are also approved in Russia, Brazil, India, Australia, and China.
Cargojet Receives Final Court Approval to Increase Permitted Foreign Ownership Levels to the Levels Permitted under Canada Transportation Act
Cargojet announced that the Ontario Superior Court of Justice issued a final order approving the previously announced plan of arrangement under the Business Corporations Act (Ontario) effecting amendments to Cargojet’s articles of incorporation to align the permitted level of non-Canadian ownership and control of its voting shares within its articles with those prescribed by the new definition of “Canadian” under the Canada Transportation Act (“CTA”) as amended in June 2018.
CAVU Component Repair enhances service offerings with EASA Part 145 approval
CAVU Component Repair (CCR) has received EASA 145 maintenance organization approval (certificate EASA.145.6925) in their 80,000 ft² state-of-the-art Mesa, Arizona facility. With this certification, CCR will look to enhance its aftermarket services and migrate towards enhancing its MRO capability across multiple platforms. CAVU Aerospace Partner, Ken Kocialski commented “receiving EASA approval for CCR was the next step in showing our commitment to better serve the industry and our customers. We are excited our hard work is paying off.”
Spirit Airlines Adopts Limited Duration Stockholder Rights Agreement
Spirit Airlines announced that its Board of Directors has approved the adoption of a limited duration stockholder rights agreement and declared a dividend distribution of one right for each outstanding share of common stock outstanding as of the record date. The record date for such dividend distribution is April 9, 2020. The Rights Agreement expires, without any further action being required to be taken by the Spirit Board of Directors, on March 29, 2021. “The COVID-19 pandemic has led to unprecedented disruption for the global airline industry,” said Ted Christie, Spirit Airlines President & CEO. “As a result, over recent weeks we have seen unique and severe dislocations in equity market valuations and, in particular, a substantial reduction in the share price of Spirit. We are confident in our ability to weather the current environment and have taken a number of steps to protect Team Member and Guest safety, adapt our operations, and improve our financial footing. We are adopting the Rights Agreement to protect against parties seeking to take advantage of the current market environment to the detriment of Spirit and its shareholders.”
U.S. Global Investors Announces Record Inflows into Its Airlines ETF, the U.S. Global Jets ETF
U.S. Global Investors announced significant inflows into its U.S. Global Jets ETF), with assets under management (AUM) jumping more than $250 million in the first quarter of 2020, from $52 million at the end of 2019 to $302 million as of March 31. Total AUM in the Company complex rose approximately 20 percent for the quarter. JETS reached another exciting new milestone recently. Daily trading volume for the airlines ETF crossed above 5 million shares for the first time ever on March 25. This represents a substantial increase from the same time a year earlier, when daily volume was approximately 11,700 shares.
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