Historical Transactions by Ajay Virmani of Common Voting Shares of Cargojet Inc.

MISSISSAUGA, ON, June 29, 2018 /CNW/ - This news release is being made by Ajay Virmani (the "Insider") to report historical transactions by the Insider in respect of common voting shares and other securities convertible into common voting shares ("Shares") of Cargojet Inc. (the "Issuer"). Shareholdings described herein are reported for the Insider together with parties acting jointly and in concert with the Insider.

The transactions outlined below are historical and have been previously reported by the Insider on the System for Electronic Disclosure by Insiders (SEDI). This press release and the corresponding early warning report disclose certain acquisition of Shares previously reported on SEDI in accordance with the most recent changes to applicable disclosure requirements under the early warning reporting system. Since the Insider's last early warning report filed, his shareholdings in the Issuer have generally decreased due to the dilutive effect of the conversion of the Issuer's previously outstanding convertible debentures into Shares by the holders thereof.

As at the date hereof, the Insider owns an aggregate of 1,669,856 Shares, assuming the exercise, conversion or settlement of securities for Shares, representing approximately 12.63% of Shares of the Issuer (12.40% of the voting shares) on a partially diluted basis.

On March 26, 2013, the Insider acquired a net amount of 7,956 Shares in the capital of the Issuer pursuant to the Company's long-term incentive plan for executive compensation ("LTIP") after taking into account Shares disposed of to satisfy applicable taxes (the "First Reportable Event"). The Shares acquired by the Insider in connection with the First Reportable Event were issued from treasury. Upon completion of the First Reportable Event, the Insider had ownership and control of 1,501,118 Shares, assuming the exercise, conversion or settlement of securities for Shares, which represented approximately 20.36% of the then issued and outstanding Shares (18.58% of the voting shares) on a partially diluted basis.

On September 15, 2016, the Insider acquired $1,000,000 principal amount of convertible debentures (the "Convertible Debentures"), in connection with a public offering taking place at that time, convertible into an aggregate of 17,050 Shares (the "Second Reportable Event"). Upon completion of the Second Reportable Event, the Insider had ownership or control of 1,799,210 Shares, assuming the exercise, conversion or settlement of securities for Shares, which represented approximately 16.88% of the then issued and outstanding Shares (16.74% of voting shares) on a partially diluted basis.

On June 27, 2017, the Insider received a grant of restricted stock units in respect of an aggregate of 27,736 underlying Shares (the "Third Reportable Event"). Upon completion of the Third Reportable Event, the Insider had ownership or control of 1,718,623 Shares, assuming the exercise, conversion or settlement of securities for Shares, which represented approximately 13.51% of the then issued and outstanding Shares (13.27% of voting shares) on a partially diluted basis.  

In connection with the First Reportable Event, the Shares acquired had a market value of $76,016 ($9.54-$9.59 per Share) at such time. In connection with the Second Reportable Event, the Insider acquired the Convertible Debentures for an aggregate of $1,000,000 with a conversion price per Share of $58.65. In connection with the Third Reportable Event, the underlying Shares had a market value of $1,312,498 ($47.32 per Share) at such time.

The Insider acquires or disposes of Shares from time to time for investment and tax purposes. The Insider will review his holdings from time to time and may increase or decrease his holdings as future circumstances dictate.

The address for the Insider is:

Ajay Virmani
c/o Cargojet Inc.
2281 North Sheridan Way

Mississauga, Ontario
L5K 2S3

SOURCE Ajay Virmani