An anonymous director reports
MAGNA OBTAINS ISSUER BID EXEMPTION ORDER TO PERMIT PURCHASES BY WAY OF PRIVATE AGREEMENT
Magna International Inc. has received an issuer bid exemption order from the Ontario Securities Commission (OSC) permitting it to make private agreement purchases of Magna
International's common shares from an arm's-length
third party seller. Magna was previously granted three issuer bid
exemption orders on Nov. 22, 2013, March 18, 2014, and May 30, 2014,
respectively, permitting it to make private
agreement purchases from arm's-length third party sellers on certain
terms and conditions contained in the prior orders. Any purchases of
the company's common shares made by way of private agreement under the September, 2014, 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 September, 2014, 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. 12,
2014; and the maximum number of common shares which may be purchased by
way of all such private agreements, including the prior orders, cannot
exceed 6,666,666, being one-third of the total number of common shares
which may be purchased under the bid. As of today, the company has purchased
5.95 million common shares under the prior orders.
All common shares purchased by way of private agreement made pursuant to
the prior orders and the September, 2014, 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 SEDAR 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 the company's normal trading
blackouts.
We seek Safe Harbor.
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