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AURORA, ON, Aug. 25, 2015 /PRNewswire/ - Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Ontario Securities Commission ("OSC") has
issued an issuer bid exemption order (the "August 2015 Order")
permitting us to make private agreement purchases of Magna
International Inc.'s ("Magna") Common Shares from an arm's length
third-party seller. Any purchases of our Common Shares made by way of
private agreement under the August 2015 Order will be at a discount to
the prevailing market price, may be made in tranches over time, and
must otherwise comply with the terms of the August 2015 Order,
including that: only one such purchase is permitted per calendar week;
and any such purchase must occur prior to the expiry of our Normal
Course Issuer Bid (the "Bid") on November 12, 2015.
Magna was previously granted issuer bid exemption orders (the "Prior
Orders") on November 25, 2014 permitting us to make private agreement
purchases from three arm's length third-party sellers on certain terms
and conditions contained in the Prior Orders. The maximum number of
Common Shares which may be purchased by way of all such private
agreements cannot exceed 13,333,333, being one-third of the total
number of Common Shares which may be purchased under the Bid after
giving effect to the two-for-one stock split completed by Magna on
March 25, 2015 (the "Stock Split"). The maximum number of Common Shares
purchased in any weekly tranche by way of private agreement will not
exceed 1,000,000. As of today, we have purchased 5,320,000 Common
Shares under the Prior Orders after giving effect to the Stock Split.
All Common Shares purchased by way of private agreement made pursuant to
the Prior Orders and the August 2015 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 319 manufacturing
operations and 85 product development, engineering and sales centres in
29 countries. We have over 136,000 employees focused on delivering
superior value to our customers through innovative products and
processes, 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 Toronto Stock Exchange (MG) and the New
York Stock Exchange (MGA). For further information about Magna, visit
our website at www.magna.com.
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 the Normal Course Issuer Bid or pursuant to private agreements
under an issuer bid exemption order issued by the Ontario Securities
Commission. 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; fluctuations in
relative currency values; legal claims and/or regulatory actions
against us; liquidity risks as a result of an unanticipated
deterioration of economic conditions; 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 Canada and our
annual report on Form 40-F filed with the United States Securities and
Exchange Commission, and subsequent filings. In evaluating
forward-looking statements, we caution readers not to place undue
reliance on any forward-looking statements and readers should
specifically consider the various factors which could cause actual
events or results to differ materially from those indicated by such
forward-looking statements. Unless otherwise required by applicable
securities laws, we do not intend, nor do we undertake any obligation,
to update or revise any forward-looking statements to reflect
subsequent information, events, results or circumstances or otherwise.
SOURCE Magna International Inc.
Vince Galifi, Executive Vice-President and Chief Financial Officer at 905-726-7100 or Louis Tonelli, Vice-President, Investor Relations at 905-726-7035.