21:53:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 211,920,143
Close 2014-09-16 C$ 118.99
Market Cap C$ 25,216,377,816
Recent Sedar Documents

Magna Int'l receives OSC exemption for share buybacks

2014-09-17 17:30 ET - News Release

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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