AURORA, Ontario, June 4, 2013 /PRNewswire/ --
Magna International Inc. (TSX: MG, NYSE: MGA) today
announced that the Ontario Securities Commission ("OSC") has issued
an issuer bid exemption order (the "June Order") permitting us to
make private agreement purchases from an arm's length third-party
seller. Magna International Inc. was previously granted an issuer
bid exemption order (the "March Order") on March 22, 2013 permitting us to make private
agreement purchases from arm's length third-party sellers on
certain terms and conditions contained in the March Order. Any
purchases of our Common Shares made by way of any such private
agreement under the June Order will be at a discount to the
prevailing market price, may be made in tranches over time, and
must otherwise comply with the terms of the June Order, including
that: only one such purchase is permitted per calendar week; any
such purchase must occur prior to our normal course issuer bid's
(the "Bid") expiry on November 12,
2013; and the maximum number of Common Shares which may be
purchased by way of all such private agreements, including under
the March Order, cannot exceed 4,000,000, being one-third of the
total number of Common Shares which may be purchased under the Bid.
The maximum number of Common Shares purchased in any weekly tranche
by way of private agreement will not exceed 1,000,000. As of the
date hereof we have purchased 2,000,000 Common Shares under the
March Order.
All Common Shares purchased by way of private agreement made
pursuant to the March Order and the June Order will be included in
computing the number of Common Shares purchased under the Bid (and
will not exceed, in aggregate, more than one-third of the maximum
number of Common Shares that we are permitted to purchase under the
Bid). In addition, information regarding each purchase, including
the number of Common Shares purchased and aggregate price paid,
will be available on the System for Electronic Document Analysis
and Retrieval (SEDAR) at http://www.sedar.com following the
completion of any such purchase.
Subject to regulatory requirements, the actual number of Common
Shares to be purchased under the Bid, whether by way of any such
private agreement or otherwise, and the timing of any such
purchases will continue to be determined by us having regard to
future price movements, our determination that such purchases would
be an appropriate use of corporate funds and in the best interests
of the Corporation, and other factors. All purchases will be
subject to our normal trading blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with 315
manufacturing operations and 87 product development, engineering
and sales centres in 29 countries. Our 121,000 employees are
focused on delivering superior value to our customers through
innovative processes and World Class Manufacturing. Our product
capabilities include producing body, chassis, interiors, exteriors,
seating, powertrain, electronics, mirrors, closures and roof
systems and modules, as well as complete vehicle engineering and
contract manufacturing. For further information about Magna, visit
our website at http://www.magna.com.
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
or pursuant to private agreements under an issuer bid exemption
order issued by a securities regulatory authority. 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:
For further information, please contact Vince Galifi, Executive Vice-President and Chief
Financial Officer at +1-905-726-7100 or Louis Tonelli, Vice-President, Investor
Relations at +1-905-726-7035.