Transat investor unhappy with company in labour spat

Mr. Pierre Peladeau, a shareholder, reports A DEPLORABLE SITUATION DEMONSTRATING THE BOARD OF DIRECTORS' INABILITY TO ENSURE THE COMPANY'S LONG-TERM VIABILITY Pierre Karl Peladeau, on behalf of Financiere Outremont Inc., which holds nearly 10 per cent of the shares of Transat AT Inc., deplores the situation in which the tour operator's passengers find themselves today, left in uncertainty due to a labour dispute with its pilots, as the Christmas holidays approach. Mr. Peladeau once again notes the company's inability to take the necessary steps to ensure the company's long-term viability, a situation that threatens its very existence. This is yet another example of the board of directors' failure to act quickly enough to address the pilot's working conditions for the benefit of its customers. Because of a very bad agreement signed with the federal government, which makes it both the most important creditor and (virtual) shareholder, in addition to remaining the regulatory authority, which allows it to increasingly control the company's destiny, the company's management has lost the means required to rectify the situation and guarantee the important impact that Transat provides to the Quebec economy. "Management must finalize the renewal of the collective agreement with its pilots to prevent the collapse of our tour operator. The board of directors is once again demonstrating its inability to manage fragile financial resources while extraordinary sums are being paid out on professional and consulting fees of all kinds. It is urgent that this board be renewed and that directors with a genuine interest in the company's financial success take their place, as they have proven incapable for several years of turning the company around," stated Mr. Peladeau on behalf of Financiere Outremont. Mr. Peladeau concluded, "In order to avoid catastrophe, I offer to act as a mediator with the pilots and management, to propose a way forward and arrive at a settlement proposal to save the company and jobs, all for the benefit of customers and shareholders."