Montréal – On November 15, 2018, the Autorité des marchés financiers (the “AMF”) issued a news release announcing that it was reviewing the transactions relating to the Automatic Securities Disposition Plan (“ASDP”) implemented by Bombardier Inc. on August 15, 2018 and the various announcements that had been made by the company since that time, and that it had asked Bombardier Inc. to suspend all sales of securities under the ASDP, which it did on November 16, 2018.
The AMF notes that Bombardier Inc. was cooperative and transparent throughout the review.
Having concluded its review, the AMF confirms that it did not identify any offence or failure under securities legislation by participating senior executives or Bombardier Inc. during the implementation of the ASDP.
However, in the opinion of the AMF, the rapidly evolving situation at Bombardier Inc. shortly after the ASDP was implemented combined with the brief period between its implementation and the start of transactions and the significant volatility in the company’s forecasts and earnings led to a negative perception of the plan. In light of this, the AMF has strongly recommended that Bombardier Inc. reconsider the merits of maintaining its ASDP.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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