Cargojet said today that during the permitted open period, Dr. Ajay Virmani, President and Chief Executive Officer, sold 445,000 common voting shares held through The Virmani Family Trust. The sale was facilitated by a consortium of Canadian investment dealers (RBC Capital Markets, Scotiabank and CIBC Capital Markets) through a block trade arrangement.
After this sale, Dr. Virmani will continue to retain 54% of his current holdings in Cargojet (including equity awards). “The ongoing pandemic tested our resilience, our business model and our ability to adapt to a rapidly changing environment. As a key enabler of e-Commerce and ensuring that essential goods keep moving, Cargojet has found a renewed sense of purpose. I am thrilled to be leading Cargojet at this historic moment and continue to hold a meaningful equity stake as we build the next phase of our growth story,” said Dr. Ajay Virmani, President and CEO.
The proceeds from the sale of shares are intended for diversification, estate planning and to fund Dr. Virmani’s family foundation for charitable giving.