ACE Aviation Holdings Inc. has confirmed that it is no longer the majority shareholder in Air Canada, after the airline issued 160.5 million new shares. ACE said in a regulatory filing that it did not buy any share-and-warrant units under the Air Canada offering, so its equity stake in the carrier fell last week to 27 per cent from 75 per cent. But ACE, which holds 75 million of the carrier's shares, said that in keeping with a credit agreement, it has received 1.25 million warrants to buy Air Canada shares at an exercise price of $1.44 each, and another 1.25 million warrants at an exercise price of $1.51 apiece. Meanwhile, Genuity Capital Markets analyst David Tyerman boosted his target price yesterday on Air Canada to $4.50 from $1.75, while raising his recommendation to "buy" from "hold." Genuity and TD Securities Inc. were lead underwriters in the airline's recent equity financing. AC.B (TSX) rose 2 cents to $1.05. ACE.B (TSX) fell 5 cents to $5.45.