Methanex Increases Its Existing Share Repurchase Program to 10% of Public Float
April 27 2022 - 5:14PM
Methanex Corporation (the “Company”) (TSX:MX) (NASDAQ:MEOH)
announced today that its Board of Directors has approved an
amendment to its existing Normal Course Issuer Bid originally
announced on September 16, 2021 (the “Bid”) which increases the
number of common shares (“Shares”) that may be purchased under the
Bid from 3,810,464 to 6,094,171, representing 10 percent of the
public float at the time of the announcement of the Bid, and the
maximum number of common shares that may be purchased under the
Bid.
To date, the Company has repurchased 3,810,464
Shares under the Bid at a weighted average purchase price of
US$47.83 per share. Commencing May 2, 2022, the remaining shares
under the amended Bid may be purchased on the open market through
the Toronto Stock Exchange (the “TSX”) up to and including
September 23, 2022. The Company has received TSX approval of the
amended Bid. No other terms of the Bid have been amended.
John Floren, President and CEO of Methanex
commented, “Our announcement of the increase to the existing share
purchase program builds on our long track record of returning
excess cash to shareholders. Our strong financial position and a
continuing robust methanol price environment enable us to generate
meaningful cash flow to maintain our business, fund the remaining
capital costs for our Geismar 3 project and return excess cash to
shareholders.”
Purchases will be made from time to time at the
then current market price of the Shares and all Shares purchased
will be cancelled. Subject to certain exceptions for block
purchases, daily repurchases under the program will not exceed
59,787 common shares, representing 25 percent of the Company's
average daily trading volume on the TSX for the six-month period
ended on August 31, 2021. The Company will enter into an automatic
securities purchase plan with its broker in connection with
purchases to be made under this program.
Methanex is a Vancouver-based, publicly traded
company and is the world's largest producer and supplier of
methanol to major international markets. Methanex shares are listed
for trading on the Toronto Stock Exchange in Canada under the
trading symbol "MX" and on the NASDAQ Global Select Market in the
United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION
WARNINGThis press release contains certain forward-looking
statements with respect to us and our industry. These statements
relate to future events or our future performance. All statements
other than statements of historical fact are forward-looking
statements. Statements that include the word "will" or other
comparable terminology and similar statements of a future or
forward-looking nature identify forward-looking statements. More
particularly and without limitation, any statements regarding the
following are forward-looking statements:
- Methanex’s expected cash flows, cash
balances, earnings capability, debt levels and share price,
- Methanex’s financial strength and
ability to meet future financial commitments, and
- Methanex's shareholder distribution
strategy and expected distributions to shareholders.
We believe that we have a reasonable basis for making such
forward-looking statements. The forward-looking statements in this
document are based on our experience, our perception of trends,
current conditions and expected future developments as well as
other factors. Certain material factors or assumptions were applied
in drawing the conclusions or making the forecasts or projections
that are included in these forward-looking statements, including,
without limitation, future expectations and assumptions concerning
the following:
- the supply of, demand for, and price of
methanol, methanol derivatives, natural gas, coal, oil and oil
derivatives,
- operating rates of our facilities,
- operating costs including natural gas
feedstock and logistics costs, capital costs, tax rates, cash
flows, foreign exchange rates and interest rates,
- the expected timing and capital cost of
our Geismar 3 Project, and
- global and regional economic activity
(including industrial production levels) and GDP growth.
However, forward-looking statements, by their nature, involve
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward-looking
statements. The risks and uncertainties primarily include those
associated with producing and marketing methanol and successfully
carrying out major capital expenditure projects in various
jurisdictions, including without limitation:
- conditions in the methanol and other
industries including fluctuations in the supply, demand for and
price of methanol and its derivatives, including demand for
methanol for energy uses,
- the price of natural gas, coal, oil and
oil derivatives,
- our ability to obtain natural gas
feedstock on commercially acceptable terms to underpin current
operations and future growth opportunities,
- the ability to successfully carry out
corporate initiatives and strategies,
- actions of competitors, suppliers and
financial institutions,
- world-wide economic conditions,
and
- other risks described in our 2021
Annual Management's Discussion and Analysis and our First Quarter
2022 Management's Discussion and Analysis.
Having in mind these and other factors, investors and other
readers are cautioned not to place undue reliance on
forward-looking statements. They are not a substitute for the
exercise of one's own due diligence and judgment. The outcomes
anticipated in forward-looking statements may not occur and we do
not undertake to update forward-looking statements except as
required by applicable securities laws.
For further information, contact:
Sarah HerriottDirector, Investor
RelationsMethanex Corporation604 661-2600 or Toll Free: 1 800 661
8851www.methanex.com
Methanex (NASDAQ:MEOH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Methanex (NASDAQ:MEOH)
Historical Stock Chart
From Jul 2023 to Jul 2024