Martinrea International Inc. Announces TSX Approval of Normal Course Issuer Bid
April 29 2024 - 4:01PM
Martinrea International Inc. (TSX: MRE) (“Martinrea” or the
“Company”), today announced that it has filed with the Toronto
Stock Exchange (the “TSX”), and the TSX has accepted, its notice of
intention to make a normal course issuer bid (the “NCIB”). Pursuant
to the NCIB, Martinrea is entitled to purchase for cancellation up
to 6,435,000 common shares (“Shares”) over a 12-month period,
representing approximately 10% of the public float of the Shares
currently outstanding.
The NCIB will commence on May 2, 2024 and
terminate on May 1, 2025, or such earlier date on which purchases
under the NCIB have been completed. Purchases of Shares under the
NCIB will be made through the facilities of the TSX and/or
alternative Canadian trading systems at the market price of the
Shares at the time of acquisition, and may include block purchases.
The average daily trading volume of the Shares on the TSX for the
last relevant six month period (October 2023 through March 2024) is
171,554 Shares. The maximum number of Shares that may be purchased
on a daily basis, subject to any approved exceptions, will be
42,888 Shares. Shares purchased under the NCIB will be cancelled.
As at April 26, 2024, the current number of issued and outstanding
common shares outstanding is 76,740,240.
The Company may enter into a pre-defined
automatic securities purchase plan with its broker to allow for the
repurchase of Shares at times when the Company ordinarily would not
be active in the market due to its own internal trading blackout
periods, insider trading rules or otherwise. Any such plans entered
into will be adopted in accordance with applicable Canadian
securities laws. Outside of the restricted periods, the timing of
purchases will be determined by management of the Company.
During the past 12 months, Martinrea was
authorized to repurchase up to 5,000,000 Shares under a normal
course issuer bid which commenced on April 4, 2023 and terminated
on April 3, 2024 (the “Prior Bid”). Martinrea purchased 3,671,855
Shares for cancellation under the Prior Bid at a weighted average
price of approximately $12.38. The Prior Bid purchases were made on
the open market through the facilities of the TSX and/or
alternative Canadian trading systems. The Company did not make
purchases during designated black out periods or during periods
that the UAW was on strike with OEMs in the U.S.
The Company believes that the Shares may from
time-to-time trade in a price range that does not adequately
reflect the value of the Shares in relation to the Company’s
activities and future prospects. As a result, the Company believes
that the purchase of Shares, from time to time, would be an
appropriate use of corporate funds in light of potential benefits
to remaining shareholders.
About Martinrea International
Inc. Martinrea International Inc. is a leader in the
development and production of quality metal parts, assemblies and
modules, fluid management systems, and complex aluminum products
focused primarily on the automotive sector. Martinrea currently
operates in 56 locations in Canada, the United States, Mexico,
Brazil, Germany, Slovakia, Spain, China, South Africa, and Japan.
Martinrea’s vision is making lives better by being the best
supplier we can be in the products we make and the services we
provide. For more information on Martinrea, please visit
www.martinrea.com. Follow Martinrea on X and Facebook.
Cautionary Statement on Forward-Looking
Information: This Press Release and the documents
incorporated by reference therein contains forward-looking
statements within the meaning of applicable Canadian securities
laws including statements related to the purchase of shares under
the NCIB as well as other forward-looking statements. The words
“continue”, “expect”, “anticipate”, “estimate”, “may”, “will”,
“should”, “views”, “intend”, “believe”, “plan” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are based on estimates and assumptions
made by the Company in light of its experience and its perception
of historical trends, current conditions and expected future
developments, as well as other factors that the Company believes
are appropriate in the circumstances, such as expected sales and
industry production estimates, current foreign exchange rates,
timing of product launches and operational improvement during the
period, and current Board approved budgets. Many factors could
cause the Company’s actual results, performance or achievements to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in detail in the Company’s Annual information
Form for the year ended December 31, 2023, the Company’s MD&A
for the year ended December 31, 2023 and other public filings which
can be found at www.sedarplus.ca. These factors should be
considered carefully, and readers should not place undue reliance
on the Company’s forward-looking statements. The Company has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
For further information, please
contact:
Neil Forster – Director, Investor Relations and
Corporate Development Martinrea International Inc. 3210 Langstaff
Road Vaughan, ON L4K 5B2 Tel: 289-982-3020 Fax: 289-982-3001
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