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Royal Bank buys ACE Aviation shares
Posted on June 06, 2008
The Royal Bank of Canada appears to be betting big on the near-term wind up of ACE Aviation Holdings Inc., the parent company of Air Canada.The bank acquired 50,000 Class B voting shares in the holding company Thursday, valued at $1.09-million based on the closing price of $21.80 a share yesterday on the Toronto Stock Exchange. RBC now holds 834,702 shares in ACE, or 5.27% of outstanding shares.ACE, which was formed in 2004 as Air Canada emerged from bankruptcy protection, plans to completely unwind itself within the next three to six months, management says, after unloading its remaining st...
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