Marcopolo sells portion of New Flyer shares

New Flyer Industries Inc. confirmed that Marcopolo S.A., through its wholly-owned subsidiary, Marcopolo Canada Holdings Corp., has sold 4.5 million common shares of New Flyer.

This represents approximately 7.4% of the issued and outstanding common shares of New Flyer.

Marcopolo advised that the secondary sale was made through a “bought block trade” arranged by a syndicate of underwriters led by CIBC Capital Markets.

Marcopolo sells portion of New Flyer shares


Following the sale, Marcopolo beneficially owns 6,587,834 common shares, representing approximately 10.8% of the issued and outstanding common shares. The sale has allowed Marcopolo to monetize a portion of its holdings for its own capital allocation purposes. Marcopolo’s initial investment in New Flyer occurred in early 2013 and it remains the company’s largest shareholder.

In the wake of the sale, New Flyer and Marcopolo re-affirmed their ongoing commercial cooperation initiatives under their 2013 Memorandum of Understanding, pursuant to which the two companies have been exploring opportunities to cooperate on engineering, technical, purchasing and operational matters, and assessing Marcopolo’s technology and products for possible introduction into the Canadian and U.S. markets through New Flyer, as well as New Flyer’s technology and products for potential distribution into global markets.

“Marcopolo has been an outstanding shareholder and partner of New Flyer since their investment in the company in 2013,” said New Flyer President/CEO Paul Soubry. “We look forward to continuing our successful relationship with Marcopolo, including continued investigation of opportunities for commercial cooperation under the Memorandum of Understanding between the companies.”


  Funding issues:  Ill.'s Connect Transit & Show Bus

Connect Transit could shut down bus service in January due to state funding issues, and rural transit provider Show Bus isn't far behind.

NORMAL  -  Connect Transit could shut down bus service in January due to state funding issues, and rural transit provider Show Bus isn't far behind.

The Bloomington-Normal mass transit system will be forced to temporarily suspend fixed-route buses and Connect Mobility rides next year unless it receives overdue payments, said General Manager Andrew Johnson.

Johnson said public transportation providers found out last week the state hasn't been adding money to a fund that pays downstate providers quarterly.

Connect Transit has received no state money since June, missing payments in July and October.

“We’re owed almost $5 million, which constitutes a third of our annual budget,” Johnson said.

The state pays 65 percent of Connect Transit's expenses over the full fiscal year, which started July 1. The remaining funding is from various sources: federal money, 13 percent; fare revenue, 12 percent; local funding, 9 percent, including proceeds of a 2016 sales tax hike; and others, including advertising, 1 percent.


  Ore.'s Lane Transit to end airport route due to low ridership

A year after the launch of bus service to the Eugene Airport, the route is being scrapped.

Lane Transit District officials said this week that the Airport Connector route has attracted few riders since it began in December, with an average of seven people using it a day out of the 2,400 airline passengers and employees who travel daily to or from the city-owned airport.

Ore.'s Lane Transit to end airport route due to low ridership

LTD, the airport and Lane Community College agreed last fall to split the $100,000 cost to operate the direct service for a year. But low ridership and the estimated $40-a-trip cost to run the buses didn’t justify ­continuing it beyond the end of the contract, ­district ­officials said.

The bus service will end on Nov. 30.

“We’re disappointed,” LTD spokesman Edward McGlone said this week. “We heard from the community that there’s a lot of support for ­airport (bus) service; it’s something people want.”

Surveys taken by frequent airport travelers before the service started showed that employees, passengers and students in LCC’s Lane ­Aviation Academy at the airport were interested in using the Airport Connector route. But the buses’ arrival and departure times often didn’t match passengers’ flight times or employees’ work schedules, McGlone said.     READ MORE >

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