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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