The world's slumping stock markets claimed have claimed another victim with the announcement by Canadian simulator manufacturer CAE that it is pulling its intended cross-border equity offer.
The announcement says the company, which is quoted on the Toronto Stock Exchange, had decided not to proceed "in the light of negative market conditions".
"While we regret not concluding an equity offer at this time, we will pursue other avenues to support our growth and strengthen our balance sheet," says Derek Burney, CAE president and chief executive.
CAE says it still intends to list its shares on the New York Stock Exchange under the ticker designation CGT, standing for CAE Global Training.
Source: Flight Daily News