AURORA, Ontario, November 8, 2013 /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, 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
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.
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: 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.