Martinrea International Inc. Announces Commencement of Normal Course Issuer Bid

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, 2018 and  ending August 30, 2019, purchase up to 4,348,479 common shares in the capital of Martinrea (“Shares”)  in total, being approximately 5 percent of the total number of 86,969,584 Shares as at August 20, 2018.   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.

As of August 20, 2018, Martinrea has 86,969,584 Shares issued and outstanding. The average daily trading  volume (“ADTV”) of the Shares on the TSX for the most recently completed six calendar months is 197,682.  Pursuant to TSX policies, the maximum number of Shares that may be purchased in one day pursuant to  the Bid will be 25 percent of ADTV, subject to certain prescribed exceptions representing approximately  49,420 Shares.

Martinrea believes that repurchasing its shares may be a good use of funds, as it reduces dilution from  stock issuances, distributes cash  to shareholders and  reflects its view  that current share prices do not  adequately  reflect  their  value  in  relation  to  its  business  prospects.  Furthermore,  the  purchases  are  expected  to  benefit  all  persons  who  continue  to  hold  Shares  by  increasing  their  equity  interest  in  Martinrea if the repurchased Shares are cancelled.

Paradigm Capital Inc. will conduct the bid on behalf of Martinrea.

inspired by our journey?

Martinrea Email and Alerts Sign-Up

  • This field is for validation purposes and should be left unchanged.

Martinrea International Inc.
3210 Langstaff Road, Vaughan, Ontario, Canada, L4K 5B2 |