Methanex Announces TSX Approval of a 5% Share Repurchase Program
September 21 2022 - 5:00PM
Methanex Corporation (the “Company” or “Methanex”) (TSX:MX)
(NASDAQ:MEOH) announced today that the Toronto Stock Exchange (the
“TSX”) has approved the Company’s previously announced Normal
Course Issuer Bid (“NCIB”).
Pursuant to the NCIB, the Company will purchase
for cancellation up to 3,506,405 common shares ("Shares"),
representing 5% of the 70,128,109 Shares issued and outstanding as
of September 15, 2022. Purchases will be made on the open market
through the facilities of the TSX and will commence on September
26, 2022 and end no later than September 25, 2023. Any purchases
will be made from time to time at the then current market price of
the Shares and all Shares purchased under the NCIB will be
cancelled. Subject to certain exceptions for block purchases, any
daily purchases under the NCIB through the TSX will not exceed
54,902 Shares, representing 25% of the Company’s average daily
trading volume on the TSX for the six month period ended on August
31, 2022. The Company intends to enter into an automatic securities
purchase plan with its broker in connection with purchases to be
made under the NCIB.
John Floren, President and CEO of Methanex,
commented, “Today’s announcement reflects the strength of our
balance sheet and builds on our long track record of returning
excess cash to shareholders.”
Under the NCIB initiated by the Company on
September 24, 2021, which completed on July 26, 2022, the Company
repurchased for cancellation 3,810,464 Shares through the
facilities of the NASDAQ Global Select Market and alternative
trading systems in the United States at a volume weighted average
price of US$47.83, and 2,283,707 Shares through the facilities of
the TSX at a volume weighted average price of CAD$56.14.
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". Methanex can be
visited online at www.methanex.com.
FORWARD-LOOKING INFORMATION
WARNING
This 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 attendant 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 Second 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 May 2024 to Jun 2024
Methanex (NASDAQ:MEOH)
Historical Stock Chart
From Jun 2023 to Jun 2024