AURORA, Ontario, November 10, 2014 /PRNewswire/ --
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
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: 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.
For further information:
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)