AURORA, ON, Aug. 25, 2015 /CNW/ - Magna International Inc.
(TSX: MG, NYSE: MGA) today announced that the Ontario
Securities Commission ("OSC") has issued an issuer bid exemption
order (the "August 2015 Order")
permitting us to make private agreement purchases of Magna
International Inc.'s ("Magna") Common Shares from an arm's length
third-party seller. Any purchases of our Common Shares made by way
of private agreement under the August
2015 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 August 2015
Order, including that: only one such purchase is permitted per
calendar week; and any such purchase must occur prior to the expiry
of our Normal Course Issuer Bid (the "Bid") on November 12, 2015.
Magna was previously granted issuer bid
exemption orders (the "Prior Orders") on November 25, 2014 permitting us to make private
agreement purchases from three arm's length third-party sellers on
certain terms and conditions contained in the Prior Orders.
The maximum number of Common Shares which may be purchased by way
of all such private agreements cannot exceed 13,333,333, being
one-third of the total number of Common Shares which may be
purchased under the Bid after giving effect to the two-for-one
stock split completed by Magna on March 25,
2015 (the "Stock Split"). The maximum number of Common
Shares purchased in any weekly tranche by way of private agreement
will not exceed 1,000,000. As of today, we have purchased 5,320,000
Common Shares under the Prior Orders after giving effect to the
Stock Split.
All Common Shares purchased by way of private
agreement made pursuant to the Prior Orders and the August 2015 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
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
319 manufacturing operations and 85 product development,
engineering and sales centres in 29 countries. We have over
136,000 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 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 the Ontario Securities Commission.
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.
SOURCE Magna International Inc.