Linamar Corporation
TSX : LNR

Linamar Corporation

January 29, 2007 09:05 ET

Linamar Announces Renewal of Normal Course Issuer Bid

GUELPH, ONTARIO--(CCNMatthews - Jan. 29, 2007) - Linamar Corporation (TSX:LNR) ("Linamar" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted Linamar's notice of intention to renew its normal course issuer bid (the "Notice") in respect of common shares of the Company. The Notice will enable Linamar to acquire up to 5,083,839 of its outstanding common shares pursuant to the normal course issuer bid, representing 9.9% of the public float as at January 10, 2007. The price that Linamar will pay for any such shares will be the market price of the common shares on the TSX at the time of acquisition. Common shares purchased under the bid will be cancelled.

Linamar's current normal course issuer bid for its common shares will expire on January 30, 2007. As of January 26, 2007, Linamar had purchased, at an average price of $13.60 per share, 2,376,200 of the 4,543,588 common shares approved for purchase under such bid.

Purchases under the renewed bid may commence on January 31, 2007 and will end on January 30, 2008 or on such earlier date as Linamar may complete its purchases pursuant to the Notice or provides notice of termination of the bid.

All purchases will be made through the facilities and in accordance with the requirements of the TSX. Linamar believes that the purchase of its common shares from time to time under the normal course issuer bid is in the best interests of the Company and represents a desirable use of the Company's funds.

Certain information regarding Linamar set forth in this document, including management's assessment of the Company's future plans and operations may constitute forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from these anticipated in the forward-looking statements due to factors such as customer demand and timing of buying decisions, product mix, competitive products and pricing pressure. In addition, uncertainties and difficulties in domestic and foreign financial markets and economies could adversely affect demand from customers. These factors, as well as general economic and political conditions, may in turn have a material adverse effect on the Company's financial results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Contact Information

  • Linamar Corporation
    Linda Hasenfratz
    Chief Executive Officer
    (519) 836-7550
    (519) 824-8479 (FAX)
    or
    Linamar Corporation
    Peggy Mulligan, Chief Financial Officer,
    Executive Vice President and Treasurer
    (519) 836-7550
    (519) 824-8479 (FAX)
    Website: www.linamar.com