AURORA, Ontario, 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
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: 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:
CONTACT
For further information, please contact Louis Tonelli, Vice-President, Investor
Relations at +1-905-726-7035.