AURORA, Ontario, March 31, 2014 /PRNewswire/ --
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 April 1, 2014. 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 blackout 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, 2013 and which terminates on
November 12, 2014, 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 March 28, 2014, the Corporation
has repurchased 5,137,423 Common Shares under the Bid.
ABOUT MAGNA
We are a leading global automotive supplier with 316
manufacturing operations and 84 product development, engineering
and sales centres in 29 countries. Our over 125,000 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 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,
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: economic or political conditions
on consumer confidence, consumer demand for vehicles and vehicle
production; fluctuations in relative currency values; legal claims
and/or regulatory actions against us; liquidity risks as a result
of an unanticipated deterioration of economic conditions; 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:
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.
(MG. MGA)