AURORA, ON, June 28, 2013 /CNW/ - Magna International Inc.
(TSX: MG, NYSE: MGA) today announced that it has established a
pre-defined automatic securities purchase plan (the "Plan") with a
designated broker to facilitate the repurchase of our Common Shares
under our current normal course issuer bid (the "Bid"). The Plan
has been reviewed by the Toronto Stock Exchange ("TSX") and will be
implemented effective July 1, 2013.
Under the Plan, Magna has provided instructions and strict
parameters regarding how its Common Shares may be repurchased
during times when it would ordinarily not be permitted to purchase
Common Shares due to regulatory restrictions or self-imposed
black-out periods. We impose regular blackouts during the period
commencing at 11:59 p.m. of the last
day of each fiscal quarter to and including 48 hours after the
public announcement of our quarterly or annual financial results.
The Plan will terminate on the earliest of the date on which: (a)
the purchase limit specified in the Plan has been reached, (b) we
terminate the Plan in accordance with its terms, in which case we
will issue a press release confirming such termination, and (c) the
Bid terminates.
Under the Bid, which commenced on November 13, 2012 and which terminates on
November 12, 2013, we are authorized
to repurchase up to 12,000,000 Common Shares. All purchases of
Common Shares under the Bid may be made: (i) on the TSX in
accordance with the rules and policies of the TSX, (ii) on the New
York Stock Exchange in compliance with Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, (iii) on other published markets,
and/or (iv) pursuant to private agreement purchases from arm's
length third-party sellers under issuer bid exemption orders
previously granted to Magna. All such repurchases are included in
computing the number of Common Shares purchased under the Bid. As
of June 27, 2013, the Corporation has
repurchased 7,215,205 Common Shares under the Bid.
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 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, including through the Plan or pursuant to private
agreements under issuer bid exemption orders 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.
SOURCE Magna International Inc.