Linamar Announces Renewal of Normal Course Issuer Bid
January 29 2008 - 3:49PM
Marketwired
GUELPH, ONTARIO ("Linamar" or the "Company") announced today
that the Toronto Stock Exchange ("TSX") has accepted Linamar's
notice of intention to renew its normal course issuer bid (the
"Notice") in respect of common shares of the Company. The Notice
will enable Linamar to acquire up to 5,084,699 of its outstanding
common shares pursuant to the normal course issuer bid,
representing 10% of the public float as at January 24, 2008. The
price that Linamar will pay for any such shares will be the market
price of the common shares on the TSX at the time of acquisition.
Common shares purchased under the bid will be cancelled. Daily
purchases will be limited to 51,020 common shares, other than block
purchase exceptions.
Linamar's current normal course issuer bid for its common shares
will expire on January 30, 2008. As of January 28, 2008, Linamar
had purchased, at an average price of $14.85 per share, 14,000 of
the 5,083,839 common shares approved for purchase under such
bid.
Purchases under the renewed bid may commence on January 31, 2008
and will end on January 30, 2009 or on such earlier date as Linamar
may complete its purchases pursuant to the Notice or provides
notice of termination of the bid.
All purchases will be made through the facilities and in
accordance with the requirements of the TSX. Linamar believes that
the purchase of its common shares from time to time under the
normal course issuer bid is in the best interests of the Company
and represents a desirable use of the Company's funds.
Linamar Corporation (TSX: LNR) is a diversified global
manufacturing company of highly engineered products. The company's
Powertrain and Driveline focused divisions are world leaders in the
collaborative design, development and manufacture of precision
metallic components, modules and systems for global vehicle
markets. The company's Industrial division is a world leader in the
design and production of innovative mobile industrial products,
notably its class-leading aerial work platforms. With more than
12,000 employees in 38 manufacturing locations, 5 R&D centers
and 9 sales offices in Canada, the US, Mexico, Germany, Hungary,
China, Korea and Japan Linamar generated sales of close to $2.3
Billion in 2006. For more information about Linamar Corporation and
its industry leading products and services, visit
www.linamar.com.
Certain information regarding Linamar set forth in this
document, including management's assessment of the Company's future
plans and operations may constitute forward-looking statements.
This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to
predict. Actual results may differ materially from these
anticipated in the forward-looking statements due to factors such
as customer demand and timing of buying decisions, product mix,
competitive products and pricing pressure. In addition,
uncertainties and difficulties in domestic and foreign financial
markets and economies could adversely affect demand from customers.
These factors, as well as general economic and political
conditions, may in turn have a material adverse effect on the
Company's financial results. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the
forward-looking statements.
Contacts: Linamar Corporation Linda Hasenfratz Chief Executive
Officer (519) 836-7550 (519) 836-9175 (FAX) (FAX) Linamar
Corporation Edward (Ted) A. Mahood, CA Chief Financial Officer
(519) 836-7550 (519) 836-9175 (FAX) Website: www.linamar.com
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