AURORA, ON, Nov. 10, 2014 /CNW/ - Magna International Inc.
(TSX: MG, NYSE: MGA) today announced that the Toronto Stock
Exchange ("TSX") had accepted its Notice of Intention to Make a
Normal Course Issuer Bid (the "Notice"). Pursuant to the Notice,
Magna may purchase up to 20,000,000 Magna Common Shares (the
"Bid"), representing approximately 9.7% of its public float. As at
November 6, 2014 Magna had
207,354,943 issued and outstanding Common Shares, including a
public float of 206,229,963 Common Shares. During the previous 12
months, Magna has purchased 17,645,437 Common Shares pursuant to a
normal course issuer bid at a weighted average purchase price of
US$97.70 per Common Share.
The primary purposes of the Bid are purchases
for cancellation, as well as purchases to fund Magna's stock-based
compensation awards or programs and/or Magna's obligations to its
deferred profit sharing plans. Magna may purchase its Common
Shares, from time to time, if it believes that the market price of
its Common Shares is attractive and that the purchase would be an
appropriate use of corporate funds and in the best interests of the
Corporation.
The Bid will commence on November 13, 2014 and will terminate no later
than November 12, 2015. All purchases
of Common Shares under the Bid, may be made on the TSX at the
market price at the time of purchase in accordance with the rules
and policies of the TSX or on the New
York Stock Exchange ("NYSE") in compliance with Rule 10b-18
under the U.S. Securities Exchange Act of 1934. Purchases may also
be made through other published markets, or by such other means as
may be permitted by the TSX, including by private agreement
pursuant to an issuer bid exemption order issued by a securities
regulatory authority. Purchases made by way of such private
agreements under an issuer bid exemption order will be at a
discount to the prevailing market price. 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 112,577 based on 25%
of the average daily trading volume for the prior six months (being
450,307) Common Shares on the TSX). 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. 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. All purchases will be subject to Magna's normal
trading blackouts. Any purchases made during a blackout period will
only be made pursuant to the pre-defined automatic securities
purchase plan the Corporation entered into with a broker on
March 31, 2014.
ABOUT MAGNA
We are a leading global automotive supplier with
312 manufacturing operations and 83 product development,
engineering and sales centres in 29 countries. We have over 130,000
employees focused on delivering superior value to our customers
through innovative 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: 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; changes
in laws and governmental regulations; 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; 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.