2-Jun-2010 11:48 AM

Porter defers IPO due to unfavourable market

Porter Aviation Holdings announced (01-Jun-2010) it has decided not to proceed with the previously announced proposed offering of its common equity due to unfavourable market conditions caused by volatility in the equity markets. Porter planned to sell 17.1 million to 20 million shares for CAD6 to CAD7 each, before cutting the price to CAD5.50 on 31-May-2010 (Bloomberg, 01-Jun-2010). [more]

Porter Aviation: "Given current market conditions, we believe it is prudent to defer the offering at this time. Our company is well-positioned to wait until the equity markets stabilize before deciding whether to proceed with a new public offering." Robert Deluce, President and CEO of Porter Aviation.