GUELPH, ON, March 18, 2020 /CNW/ - Linamar Corporation
("Linamar" or the "Company") (TSX:LNR) today announced the Toronto
Stock Exchange (the "TSX") has approved the Company's notice of
intention to renew its Normal Course Issuer Bid (the "Bid").
Under the Bid, the Company may repurchase on the open market (or
as otherwise permitted), at its discretion during the period
commencing on March 20, 2020 and
ending on the earlier of March 19,
2021 and the completion of the maximum number of purchases
permitted under the Bid, up to 4,396,427 common shares
of the Company (the "Common Shares"), representing approximately
10% of the Company's "public float" (within the meaning of the
rules of the TSX), subject to the normal terms and limitations
of such a bid.
Under the TSX rules, during the six months ended February 29, 2020, the average daily trading
volume of the Common Shares on the TSX was
179,539 Common Shares and, accordingly, daily purchases
on the TSX pursuant to the Bid will be limited to
44,884 Common Shares, other than purchases made
pursuant to the block purchase exception. The actual number of
Common Shares which may be purchased pursuant to the Bid and the
timing of any such purchases will be determined by the management
of the Company, subject to applicable law and the rules of the
TSX.
As of March 6, 2020, the Company had
64,958,821 issued and outstanding Common Shares and a
"public float" of 43,964,265 Common Shares. The Company
believes that the Bid is in the best interest of the Company and
constitutes a desirable use of its funds.
Purchases are expected to be made through the facilities of the
TSX, or such other permitted means (including through alternative
trading systems in Canada), at
prevailing market prices or as otherwise permitted. The Bid will be
funded using existing cash resources, and any Common Shares
repurchased by the Company under the Bid will be cancelled.
Pursuant to a previous notice of intention to conduct a normal
course issuer bid, under which the Company sought and received
approval from the TSX to purchase up to 4,506,324 Common Shares for
the period of January 29, 2018 to
January 28, 2019, the Company
purchased 995,674 Common Shares on the open market at an
average purchase price of $43.17 per share.
About Linamar Corporation
Linamar Corporation (TSX:LNR) is an advanced manufacturing
company where the intersection of leading edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of 2
operating segments – the Industrial segment and the Transportation
segment, which are further divided into 5 operating groups –
Skyjack, Agriculture, Machining & Assembly, Light Metal Casting
and Forging, all world leaders in the design, development and
production of highly engineered products. The Company's Skyjack and
MacDon companies are noted for their innovative, high quality
mobile industrial and harvesting equipment, notably class-leading
aerial work platforms, telehandlers, draper headers and
self-propelled windrowers. The Company's Machining & Assembly,
Light Metal Casting and Forging operating groups focus on precision
metallic components, modules and systems for powertrain, driveline
and body systems designed for global electrified and traditionally
powered vehicle and industrial markets. Linamar has more than
29,000 employees in 60 manufacturing locations, 8 R&D centres
and 25 sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.6 billion in 2018. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
This release includes forward-looking statements regarding
Linamar. Such statements are based on the current expectations and
views of future events of the Company's business. In some cases,
the forward-looking statements can be identified by words or
phrases such as "may", "will", "expect", "plan", "anticipate",
"intend", "potential", "estimate", "believe" or the negative of
these terms, or other similar expressions intended to identify
forward-looking statements. The forward-looking events and
circumstances discussed in this release, including, but not limited
to, future purchases of Common Shares under the Bid, may not occur
and could differ materially as a result of known and unknown risk
factors and uncertainties affecting Linamar, including risks
regarding economic factors and many other factors beyond the
control of the Company. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These and other risks and uncertainties, as well as
other information related to the Company, are discussed in the
Company's various public filings available on SEDAR and can be
accessed at www.sedar.com. Accordingly, readers should not place
undue reliance on any forward-looking statements or information.
Except as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and the
Company does not undertake any obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
SOURCE Linamar Corporation