TSX ACCEPTS NOTICE OF INTENTION TO MAKE NORMAL COURSE ISSUER BID
Notice of Intention to Make a Normal Course Issuer Bid (the “Notice”).
Pursuant to the Notice, we may purchase up to 4,000,000 Magna Common Shares (the “Bid”) (adjusted to 8,000,000
and outstanding Common Shares. The primary purposes of the Bid are
purchases for cancellation to offset dilution resulting from the
exercise of stock options, as well as purchases to fund our restricted
stock unit program and/or our obligations to our deferred profit
sharing plans. As of
outstanding Common Shares.
The Bid will commence on
than
the market price at the time of purchase in accordance with the rules
and policies of the TSX. Purchases may also be made on the
Stock Exchange (“NYSE”) in compliance with Rule 10b-18 under the U.S.
Securities Exchange Act of 1934. 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
93,812. 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 and the timing of purchases, if any,
will be determined by us having regard to future price movements and
other factors.
We are the most diversified automotive supplier in the world. We design,
develop and manufacture automotive systems, assemblies, modules and
components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers of cars and light trucks in
include the design, engineering, testing and manufacture of automotive
interior systems; seating systems; closure systems; metal body and
structural systems; vision systems; electronic systems; exterior
systems; powertrain systems; roof systems; hybrid and electric
vehicles/systems; as well as complete vehicle engineering and assembly.
Magna has over 90,000 employees in 242 manufacturing operations and 76
product development, engineering and sales centers in 25 countries.
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 and any resulting offsetting of
dilution. 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”, “will”,
“likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”,
“forecast”, “project”, “estimate” and similar expressions to identify
forward-looking statements. Any such forward-looking statements 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 with our expectations and predictions is
subject to a number of risks, assumptions and uncertainties. These
risks, assumptions and uncertainties include, without limitation, the
impact of: the potential for a slower than anticipated economic
recovery or a deterioration of economic conditions; production volumes
and sales levels which are below forecast levels; our dependence on
outsourcing by our customers; the termination or non renewal by our
customers of any material contracts; our ability to identify and
successfully exploit shifts in technology; restructuring, downsizing
and/or other significant non-recurring costs; impairment charges; our
ability to successfully grow our sales to non-traditional customers;
unfavourable product or customer mix; risks of conducting business in
foreign countries, including
developing markets; our ability to quickly shift our manufacturing
footprint to take advantage of lower cost manufacturing opportunities;
disruptions in the capital and credit markets; fluctuations in relative
currency values; our ability to successfully identify, complete and
integrate acquisitions; pricing pressures, including our ability to
offset price concessions demanded by our customers; warranty and recall
costs; the financial condition and credit worthiness of some of our OEM
customers, including the potential that such customers may not make, or
may seek to delay or reduce, payments owed to us; the financial
condition of some of our suppliers and the risk of their insolvency,
bankruptcy or financial restructuring; the highly competitive nature of
the automotive parts supply business; product liability claims in
excess of our insurance coverage; changes in our mix of earnings
between jurisdictions with lower tax rates and those with higher tax
rates, as well as our ability to fully benefit tax losses; other
potential tax exposures; legal claims against us; work stoppages and
labour relations disputes; changes in laws and governmental
regulations; costs associated with compliance with environmental laws
and regulations; risks associated with our partnership with the
Stronach Trust to continue to pursue opportunities in the vehicle
electrification business; and other factors set out in our Annual
Information Form filed with securities commissions in
annual report on Form 40-F filed with the United States Securities and
Exchange Commission, and subsequent filings, including, without
limitation, factors set out in our Management Information
Circular/Proxy Statement, dated
Relating to the Vehicle Electrification Joint Venture”. In evaluating
forward-looking statements, 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.