Press Release - Magna obtains issuer bid exemption order to permit purchases by way of private agreement
All Common Shares purchased by way of private agreement made pursuant to the 2013 Order and the 2014 Order will be included in computing the number of Common Shares purchased under the Bid, and information regarding each purchase, including the number of Common Shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase.
Subject to regulatory requirements, the actual number of Common Shares to be purchased under the Bid, whether by way of any such private agreement or otherwise, and the timing of any such purchases will continue to be determined by us having regard to future price movements, our determination that such purchases would be an appropriate use of corporate funds and in the best interests of Magna, and other factors. All purchases will be subject to our normal trading blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with 316 manufacturing
operations and 84 product development, engineering and sales centres in
29 countries. We have over 125,000 employees focused on delivering
superior value to our customers through innovative products and World
Class Manufacturing. Our product capabilities include producing body,
chassis, interior, exterior, seating, powertrain, electronic, vision,
closure and roof systems and modules, as well as complete vehicle
engineering and contract manufacturing. Our common shares trade on the
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation,
including, but not limited to, future purchases of our Common Shares
under our Normal Course Issuer Bid or pursuant to private agreements
under an issuer bid exemption order issued by a securities regulatory
authority. Forward-looking statements may include financial and other
projections, as well as statements regarding our future plans,
objectives or economic performance, or the assumptions underlying any
of the foregoing. We use words such as "may", "would", "could",
"should" "will", "likely", "expect", "anticipate", "believe", "intend",
"plan", "forecast", "outlook", "project", "estimate" and similar
expressions suggesting future outcomes or events to identify
forward-looking statements. Any such forward-looking statements are
based on information currently available to us, and are based on
assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate in
the circumstances. However, whether actual results and developments
will conform to our expectations and predictions is subject to a number
of risks, assumptions and uncertainties, many of which are beyond our
control, and the effects of which can be difficult to predict. These
risks, assumptions and uncertainties include, without limitation, the
impact of: economic or political conditions on consumer confidence,
consumer demand for vehicles, and vehicle production; liquidity risks;
fluctuations in relative currency values; legal claims and/or
regulatory actions against us; the unpredictability of, and fluctuation
in, the trading price of our Common Shares; changes in laws and
governmental regulations; and other factors set out in our Annual
Information Form filed with securities commissions in
SOURCE
Please Contact Vince Galifi, Executive Vice-President and Chief Financial Officer at 905-726-7100 or Louis Tonelli, Vice-President, Investor Relations at 905-726-7035.