AURORA, Ontario, May 30, 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 "May
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 two issuer bid exemption orders on November 22, 2013 and March 18, 2014, respectively (the "Prior Orders")
permitting us to make private agreement purchases from arm's length
third-party sellers on certain terms and conditions contained in
the Prior Orders. Any purchases of our Common Shares made by way of
private agreement under the May 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 May 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 Prior Orders, cannot exceed 6,666,666,
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 600,000. As of today, we have purchased 3,800,000 Common
Shares under the Prior Orders.
All Common Shares purchased by way of private agreement made
pursuant to the Prior Orders and the May
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 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
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; 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:
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.