AURORA, ON,
March 18, 2014 /PRNewswire/ -
Magna International Inc. (TSX: MG, NYSE: MGA) today
announced that the Ontario Securities Commission ("OSC") has issued
an issuer bid exemption order (the "2014 Order") permitting us to
make private agreement purchases of Magna International Inc.'s
("Magna") Common Shares from an arm's length third-party seller.
Magna was previously granted an issuer bid exemption order (the
"2013 Order") on November 22, 2013
permitting us to make private agreement purchases from an arm's
length third-party seller on certain terms and conditions contained
in the 2013 Order. Any purchases of our Common Shares made by way
of private agreement under the 2014 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 2014 Order, including
that: only one such purchase is permitted per calendar week; any
such purchase must occur prior to the expiry of our Normal Course
Issuer Bid (the "Bid") on November 12,
2014; and the maximum number of Common Shares which may be
purchased by way of all such private agreements, including the 2013
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 today, we have
purchased 2,400,000 Common Shares under the 2013 Order.
All Common Shares purchased by way of private
agreement made pursuant to the 2013 Order and the 2014 Order will
be included in computing the number of Common Shares purchased
under the Bid, and 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 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 Magna, and other factors. All purchases will be
subject to our normal trading blackouts.
ABOUT MAGNA
We are a leading global automotive supplier with
316 manufacturing operations and 84 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 products 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 our 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: economic or political conditions on
consumer confidence, consumer demand for vehicles, and vehicle
production; liquidity risks; 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.