AURORA, ON,
May 13, 2014 /PRNewswire/ - Magna
International Inc. (TSX: MG, NYSE: MGA) announced today that it
has received approval from the Toronto Stock Exchange ("TSX") to
amend its normal course issuer bid (the "Bid") in order to increase
the maximum number of Common Shares that may be purchased under the
Bid from 12,000,000 Common Shares, representing approximately 5.4%
of its public float, to 20,000,000 Common Shares, representing
approximately 9.0% of its public float (each as of November 6, 2013, the reference date for the
Bid). The increased purchase limit under the Bid will be effective
May 16, 2014. No other terms of the
Bid have been amended.
The Bid commenced on November 13, 2013 and will terminate on
November 12, 2014. 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,
or by such other means as may be permitted by the TSX, and/or (iv)
pursuant to private agreement purchases from arm's length
third-party sellers under issuer bid exemption orders previously
granted to Magna. 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 as
of the November 6, 2013 reference
date). 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. All purchases will
be subject to Magna's normal trading blackouts. The Corporation's
automatic securities purchase plan entered into with a broker on
March 31, 2014 remains unchanged. As
of May 9, 2014, the Corporation has
repurchased 6,626,823 Common Shares under the Bid. Subject to
regulatory requirements, the actual number of Common Shares
purchased, and the timing of such purchases, if any, will be
determined by Magna having regard to future price movements and
other factors.
ABOUT MAGNA
We are a leading global automotive supplier with
315 manufacturing operations and 82 product development,
engineering and sales centres in 29 countries. We have over
128,000 employees focused on delivering superior value to our
customers through innovative products and 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: 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.
SOURCE Magna International Inc.