Toronto, Ontario – Martinrea International Inc. (TSX: MRE) (“Martinrea”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Martinrea of its intention to make a Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the TSX and/or alternative Canadian trading systems.
The notice provides that Martinrea may, during the 12-month period commencing August 31, 2019 and ending August 30, 2020, purchase up to 8,000,000 common shares in the capital of Martinrea (“Shares”) in total, being approximately 10 percent of its public float. The price at which Martinrea will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by Martinrea and any shares purchased pursuant to the Bid will be cancelled. All purchases will be subject to Martinrea’s normal trading blackouts. Any purchases made during a blackout period will only be made pursuant to a pre-defined automatic securities purchase plan that Martinrea may enter into with its designated broker.