Ontario Teachers Keep $

WestJet Airlines has waived an agreement that allowed it force the Ontario Teachers' Pension Plan to invest $100 million in shares of the discount airline.

Calgary-based WestJet said Friday it chose not to exercise the "put" as it has ample equity and cash currently in the company.

The airline's cash reserves were in excess of $263 million at the end of June.

Under the deal, which expired Friday, WestJet had the right to require Ontario Teachers' to purchase up to $100 million worth of WestJet common shares at 94 per cent of the weighted average trading price for WestJet shares for the 10 trading days before the airline served notice.

The Ontario Teacher's Pension Plan is WestJet's largest shareholder with about 15 per cent of the company's outstanding shares.

"We strongly support WestJet and we are very pleased with the strong business that has been built. Ontario Teachers' looks forward to continuing to be one of WestJet's key business partners," Brian Gibson, senior vice-president at Ontario Teachers', said in a statement.

WestJet shares closed down 20 cents at $13.05 on the Toronto stock market Friday.

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