AURORA, Canada, 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
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 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
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 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.
For further information:
Please Contact Vince Galifi,
Executive Vice-President and Chief Financial Officer at
905-726-7100 or Louis Tonelli,
Vice-President, Investor Relations at +1-905-726-7035.