Onex Files Normal Course Issuer Bid

All amounts in U.S. dollars unless otherwise stated 

TORONTO, April 15, 2020 (GLOBE NEWSWIRE) -- Onex Corporation (“Onex”) (TSX: ONEX) announced today 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 8,135,162 shares. There are 98,291,143 Subordinate Voting Shares issued and outstanding and the public float as at April 13, 2020 was 81,351,622 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 TSX or alternative Canadian trading systems. The number of shares Onex is permitted to purchase under the bid may be reduced by private acquisitions pursuant to issuer bid exemption orders issued by a securities regulatory authority or otherwise exempt from the issuer bid requirements of applicable law and/or by purchases of shares by certain Onex executives or employees under purchase programs administered by Onex. Any purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided in the exemption order. Subject to any discretionary relief provided by the TSX, Onex may purchase up to 48,768 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume of 195,072 Subordinate Voting Shares for the most recently completed six calendar months. Onex may also purchase Subordinate Voting Shares from time to time under the Exchange's block purchase exemption, if available.

Onex commenced a similar Normal Course Issuer Bid on April 18, 2019 (the “2019 Bid”). The 2019 Bid, which permitted the purchase of up to 8,213,787 Subordinate Voting Shares, expires on April 17, 2020. A total of 1,180,321 shares were purchased under the 2019 Bid as at March 31, 2020 at an average purchase price of C$55.24 per share. Onex may also purchase Subordinate Voting Shares from time to time under the Exchange's block purchase exemption, if available. All such purchases under the 2019 Bid occurred through the facilities of the TSX or the block purchase exemption in a private transaction pursuant to an issuer bid exemption order issued by a securities regulatory authority.