Martinrea International Inc. Announces TSX Approval of Normal Course Issuer Bid

TORONTO, April 29, 2024 (GLOBE NEWSWIRE) -- 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.