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Magna announces specific share repurchase program as part of normal course issuer bid
Magna announces specific share repurchase program as part of normal course issuer bid ...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\n\nMagna announces specific share repurchase program as part of normal course issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nAURORA, ON, March 17, 2017\n\n\n\nAURORA, ON, March 17, 2017 /CNW/ - Magna International Inc. (TSX: MG; NYSE: MGA) today announced that the Toronto Stock Exchange (\"TSX\") has accepted Magna's amended Notice of Intention to Make a Normal Course Issuer Bid (the \"Notice\"). The Notice has been amended to permit the purchase by Magna of its Common Shares pursuant to issuer bid exemption orders issued by securities regulatory authorities in connection with specific share repurchase programs. \n\nMagna also announced that it intends to purchase for cancellation up to 1,500,000 Common Shares under a specific share repurchase program (the \"Program\"). The Program forms part of the company's current normal course issuer bid for up to 38,000,000 Common Shares (the \"NCIB\") and all purchases will be made in accordance with the TSX rules applicable to the NCIB, subject to limited exceptions as provided in an issuer bid exemption order issued by the Ontario Securities Commission (the \"Order\"). \n\nIn connection with the Program, Magna has entered into an agreement (the \"Agreement\") with a third party to purchase Magna Common Shares through transactions that may take place on any trading day between March 22, 2017 and March 31, 2017 (the \"Program Term\"). Under the Program:\n\n\nan aggregate maximum of 1,500,000 Common Shares can be purchased;\npurchases on any one day must not exceed the daily limit under Magna's NCIB;\nthe price paid by Magna in any transaction will be at a discount to the volume weighted average trading price of the Common Shares on the Canadian markets on that date;\nMagna cannot purchase any other Common Shares under the NCIB during the Program Term;\nno purchases will be made during any trading blackout imposed by Magna;\nall Common Shares purchased by Magna will be cancelled; and\nfollowing completion of the Program, Magna will disclose on the System for Electronic Document Analysis and Retrie...