Onex Corporation Files Normal Course Issuer Bid
TORONTO--April 8, 2002--Onex Corporation announced today that it has filed with The Toronto Stock Exchange, and such Exchange has accepted, a Notice of Intention to make a Normal Course Issuer Bid permitting Onex to purchase for cancellation, through the facilities of the Exchange, up to a total of 10% of the public float in its Subordinate Voting Shares. The 10% level would represent 12,688,301 Subordinate Voting Shares. There are 160,670,345 Subordinate Voting Shares issued and outstanding and the public float is currently 126,883,015 of such shares.
Onex may buy back its publicly traded shares from time to time during the next twelve months. Any purchases made under the Issuer Bid will be effected in accordance with the rules and policies of the Exchange and purchase effected through the facilities of the Exchange. A similar bid was filed with The Toronto Stock Exchange on April 3, 2001 under which a total of 579,000 Subordinate Voting Shares were purchased at an average purchase price of $18.136 per share.
Onex is renewing the Normal Course Issuer Bid as it is of the view that it is advantageous to Onex to continue to engage in repurchases of Subordinate Voting Shares, from time to time, when they are trading at prices which reflect a significant discount from the perceived value of such shares
The Normal Course Issuer Bid will re-commence on April 10, 2002 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 9, 2003.
Onex Corporation is a diversified company with annual consolidated revenues of approximately $24 billion and consolidated assets of approximately $21 billion. Onex is Canada's 4th largest company with global operations in service, manufacturing and technology industries. Its subsidiaries include Celestica, Inc., Loews Cineplex Entertainment Corporation, ClientLogic Corporation, Lantic Sugar Limited, Rogers Sugar Ltd., Dura Automotive Systems, Inc., J.L. French Automotive Castings, Inc., MAGNATRAX Corporation, InsLogic Corporation, Performance Logistics Group, Inc., Radian Communication Services Corporation and Galaxy Entertainment, Inc. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.