Onex Corporation files normal course issuer bid
TORONTO, Canada -- Onex Corporation announced today that it has filed with the Toronto Stock Exchange, and the Exchange has accepted, a Notice of Intention to make a Normal Course Issuer Bid permitting Onex to purchase for cancellation up to 10% of the public float in its Subordinate Voting Shares, or 9,978,259 shares. There are 128,928,039 Subordinate Voting Shares issued and outstanding and the public float as at the date hereof is 99,782,596 shares.
Onex may buy back shares from time to time during the next twelve months. Any purchases made under the Normal Course Issuer Bid will be effected through the facilities of the Exchange. Onex commenced a similar bid on April 12, 2006 under which a total of 7,077,700 Subordinate Voting Shares were purchased at an average purchase price of $22.74 per share.
Onex is renewing the Normal Course Issuer Bid as it is of the view that it is advantageous to Onex and its shareholders 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 their value as perceived by Onex.
The Normal Course Issuer Bid will commence on April 12, 2007 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 11, 2008.
Onex is a diversified company with annual consolidated revenues of approximately $19 billion and consolidated assets of approximately $23 billion. Onex is one of Canada’s largest companies with global operations in service, manufacturing and technology industries. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.
For further information: Donald W. Lewtas - (416) 362-7711
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