AURORA, Ontario, November 23, 2017 /PRNewswire/ --
Magna International Inc. (TSX: MG;
NYSE: MGA) today announced that it intends to purchase for
cancellation Common Shares pursuant to two specific share
repurchase programs (the "Programs" and each, a "Program"). Magna
has entered into agreements (collectively, the "Agreements") with
two arm's-length third party sellers to repurchase Common Shares
through daily purchases under each Program. The Programs will run
sequentially with purchases under the first Program taking place
between November 24, 2017 and
December 29, 2017, subject to a
maximum of 1,472,000 Common Shares. Purchases under the second
Program will take place between the trading day following the
completion of all purchases under the first Program and
December 29, 2017, subject to a
maximum of 1,400,000 Common Shares. The Programs will form part of
Magna's current normal course issuer bid for up to 35,800,000
Common Shares (the "NCIB") and all purchases will be made in
accordance with the TSX rules applicable to the NCIB, subject to
limited exceptions as provided in two separate issuer bid exemption
orders issued by the Ontario Securities Commission in connection
with the Programs (collectively, the "Orders").
Under the Programs:
- purchases on any one day must not exceed the daily limit under
Magna's NCIB;
- the price paid by Magna in any transaction will be at a
discount to the volume weighted average trading price of the Common
Shares on the Canadian markets on that date;
- Magna cannot purchase any other Common Shares under the NCIB
during the term of the Programs;
- no purchases will be made during any trading blackout imposed
by Magna; and
- all Common Shares purchased by Magna will be cancelled.
Magna currently intends to purchase the maximum of 2,872,000
Common Shares in the aggregate under the Programs, however the
number of Common Shares purchased pursuant to the Programs may be
less than the maximum if, among other things, it is not possible to
purchase Common Shares within the pricing range established prior
to commencement of each Program, if trading is suspended, or as a
result of market factors. Following completion of each Program,
Magna will issue a press release providing information regarding
purchases made pursuant to the Program including the number of
Common Shares purchased and the aggregate purchase price paid.
In accordance with the terms of the Agreements and the Orders,
on any date that Magna purchases Common Shares from a third party
or its agents, the third party or its agents must purchase the same
number of Common Shares on Canadian markets.
OUR BUSINESS(1)
We are a leading global automotive supplier with 328
manufacturing operations and 99 product development, engineering
and sales centres in 29 countries. We have over 163,000 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
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 or specific share repurchase
programs 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: 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; planning risks created
by rapidly changing economic or political conditions; legal claims
and/or regulatory actions against us; fluctuations in relative
currency values; liquidity risks; 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.
______________________
(1) Manufacturing operations, product development,
engineering and sales centres and employee figures include certain
equity-accounted operations.
INVESTOR CONTACT: Louis Tonelli,
Vice-President, Investor Relations, louis.tonelli@magna.com,
+1-905-726-7035; MEDIA CONTACT: Tracy
Fuerst, Director of Corporate Communications & PR,
tracy.fuerst@magna.com, +1-248-631-5396
