AURORA, Ontario, November 9, 2012 /PRNewswire/ --
Magna International Inc. (TSX: MG, NYSE: MGA) today
announced that the Toronto Stock Exchange ("TSX") had accepted its
Notice of Intention to Make a Normal Course Issuer Bid (the
"Notice"). Pursuant to the Notice, we may purchase up to 12,000,000
Magna Common Shares (the "Bid"), representing approximately 5.2% of
our public float. As at November 7,
2012 we had 233,228,126 issued and outstanding Common
Shares, including a public float of 232,113,173 Common Shares.
During the previous 12 months, the Corporation has purchased
3,668,430 Common Shares pursuant to a normal course issuer bid at a
weighted average purchase price of US$35.45 per Common Share.
The primary purposes of the Bid are purchases for cancellation,
as well as purchases to fund our stock-based compensation awards or
programs and and/or our obligations to our deferred profit sharing
plans. The Corporation may purchase its Common Shares, from time to
time, if it believes that the market price of its Common Shares is
attractive and that the purchase would be an appropriate use of
corporate funds and in the best interests of the Corporation.
The Bid will commence on November 13,
2012 and will terminate no later than November 12, 2013. All purchases of Common Shares
will be made on the TSX at the market price at the time of purchase
in accordance with the rules and policies of the TSX. Purchases may
also be made on the New York Stock Exchange ("NYSE") in compliance
with Rule 10b-18 under the U.S. Securities Exchange Act of 1934.
The rules and policies of the TSX contain restrictions on the
number of shares that can be purchased under the Bid, based on the
average daily trading volumes of the Common Shares on the TSX.
Similarly, the safe harbor conditions of Rule 10b-18 impose certain
limitations on the number of shares that can be purchased on the
NYSE per day. As a result of such restrictions, subject to certain
exceptions for block purchases, the maximum number of shares which
can be purchased per day during the Bid on the TSX is 151,269 based
on 25% of the average daily trading volume for the prior six months
(being 605,077 Common Shares on the TSX). Subject to certain
exceptions for block purchases, the maximum number of shares which
can be purchased per day on the NYSE will be 25% of the average
daily trading volume for the four calendar weeks preceding the date
of purchase. Subject to regulatory requirements, the actual number
of Common Shares and the timing of purchases, if any, will be
determined by us having regard to future price movements and other
factors. All purchases will be subject to our normal trading
blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with 305
manufacturing operations and 88 product development, engineering
and sales centres in 27 countries. Our 117,000 employees are
focused on delivering superior value to our customers through
innovative processes and World Class Manufacturing. Our product
capabilities include body, chassis, interiors, exteriors, seating,
powertrain, electronics, mirrors, closures and roof systems and
modules, as well as complete vehicle engineering and contract
manufacturing.
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.
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: the potential for a deterioration of
economic conditions or an extended period of economic uncertainty;
liquidity risks; risks arising due to the failure of a major
financial institution; fluctuations in relative currency values;
legal claims and/or regulatory actions against us; 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.
For further information:
Vince Galifi, Executive
Vice-President and Chief Financial Officer at +1-905-726-7100 or
Louis Tonelli, Vice-President,
Investor Relations at 905-726-7035.