09:57:16 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 404,380,164
Close 2015-11-27 C$ 60.11
Market Cap C$ 24,307,291,658
Recent Sedar Documents

Magna issued OSC order allowing private share purchases

2015-11-27 17:18 ET - News Release

An anonymous director reports

MAGNA OBTAINS ISSUER BID EXEMPTION ORDER TO PERMIT PURCHASES BY WAY OF PRIVATE AGREEMENT

The Ontario Securities Commission has issued an issuer bid exemption order permitting Magna International Inc. to make private agreement purchases of Magna International's common shares from an arm's-length third party seller. Any purchases of the company's common shares made by way of private agreement under the 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 each order, including that: only one such purchase is permitted per calendar week; any such purchase must occur prior to the expiry of the company's normal course issuer bid on Nov. 13, 2016; and 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.

All common shares purchased by way of private agreement made pursuant to the 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 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 the company having regard to future price movements, its 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 normal trading blackouts.

We seek Safe Harbor.

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