AURORA, ON, June 29, 2017 /CNW/ - Magna International Inc.
(TSX: MG; NYSE: MGA) today announced that it has established a
pre-defined automatic securities purchase plan (the "Plan") with a
designated broker to facilitate the repurchase of our Common Shares
under our current normal course issuer bid (the "Bid"). The Plan
has been reviewed by the Toronto Stock Exchange ("TSX") and will be
implemented effective July 3, 2017.
Under the Plan, Magna has provided instructions and strict
parameters regarding how its Common Shares may be repurchased
during times when it would ordinarily not be permitted to purchase
Common Shares due to regulatory restrictions or self-imposed
black-out periods. We impose regular blackouts during the period
commencing at 11:59 p.m. of the last
day of each fiscal quarter to and including 48 hours after the
public announcement of our quarterly or annual financial results.
The Plan will terminate on the earliest of the date on which: (a)
the purchase limit specified in the Plan has been reached, (b) we
terminate the Plan in accordance with its terms, in which case we
will issue a press release confirming such termination, and (c) the
Bid terminates.
Under the Bid, which commenced on November 15, 2016 and which terminates on
November 14, 2017, we are authorized
to repurchase up to 38,000,000 Common Shares. 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,
and/or (iv) pursuant to private agreements negotiated by Magna and
arm's length third-party sellers under issuer bid exemption orders
granted to Magna. All such repurchases are included in computing
the number of Common Shares purchased under the Bid. As of
June 28, 2017, the Corporation has
repurchased 12,462,373 Common Shares under the Bid.
OUR BUSINESS (1)
We are a leading global automotive supplier with 321
manufacturing operations and 102 product development, engineering
and sales centres in 29 countries. We have over 159,000 employees
focused on delivering superior value to our customers through
innovative products and processes, and world class manufacturing.
We have complete vehicle engineering and contract manufacturing
expertise, as well as product capabilities which include body,
chassis, exterior, seating, powertrain, active driver assistance,
vision, closure and roof systems and have electronic and software
capabilities across many of these areas. 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.
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(1) Manufacturing operations,
product development, engineering and sales centres and employee
figures include certain equity-accounted operations.
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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,
including through the Plan or pursuant to private agreements under
issuer bid exemption orders 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 potential for a deterioration of economic
conditions or an extended period of economic uncertainty; a decline
in consumer confidence, which would typically result in lower
production volume levels; fluctuations in relative currency values;
legal claims and/or regulatory actions against us, including
without limitation any proceedings that may arise out of our global
review focused on anti-trust risk; liquidity risk; 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.