AURORA, ON, Nov. 8, 2013 /CNW/ - 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,
Magna may purchase up to 12,000,000 Magna Common Shares (the
"Bid"), representing approximately 5.4% of its public float. As at
November 6, 2013 Magna had
223,629,978 issued and outstanding Common Shares, including a
public float of 222,485,648 Common Shares. During the previous 12
months, Magna has purchased 12,000,000 Common Shares pursuant to a
normal course issuer bid at a weighted average purchase price of
US$69.36 per Common Share.
The primary purposes of the Bid are purchases
for cancellation, as well as purchases to fund Magna's stock-based
compensation awards or programs and/or Magna's obligations to its
deferred profit sharing plans. Magna 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, 2013 and will terminate no later
than November 12, 2014. 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 or on the New York Stock Exchange ("NYSE") in compliance with
Rule 10b-18 under the U.S. Securities Exchange Act of 1934.
Purchases may also be made through other published markets, or by
such other means as may be permitted by the TSX, including by
private agreement pursuant to an issuer bid exemption order issued
by a securities regulatory authority. Purchases made by way
of such private agreements under an issuer bid exemption order will
be at a discount to the prevailing market price. 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 141,772 based
on 25% of the average daily trading volume for the prior six months
(being 567,087 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 Magna having regard to future price movements and
other factors. All purchases will be subject to Magna's normal
trading blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with
312 manufacturing operations and 87 product development,
engineering and sales centres in 29 countries. We have over 125,000
employees focused on delivering superior value to our customers
through innovative processes and World Class Manufacturing. Our
product capabilities include producing body, chassis, interior,
exterior, seating, powertrain, electronic, vision, closure and roof
systems and modules, as well as complete vehicle engineering and
contract manufacturing. Our common shares trade on the Toronto
Stock Exchange (MG) and the New York Stock Exchange (MGA). 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. 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.