Onex Corporation
TSX : OCX

Onex Corporation

April 12, 2010 14:21 ET

Onex Corporation Files Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 12, 2010) -

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX:OCX) 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 9,100,636 shares. There are 120,218,778 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2010 was 91,006,361 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 14, 2009, which expires on April 13, 2010 and under which a total of 1,878,200 Subordinate Voting Shares have been purchased as at March 31, 2010 at an average purchase price of $23.11 per share. Onex may purchase up to 53,830 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume 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.

The Normal Course Issuer Bid is being renewed as it is Onex' view that it is advantageous to the company 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 14, 2010 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 13, 2011.

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the Company manages approximately US$12 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately US$7.5 billion of third-party capital and also invests its own capital directly and as a substantial limited partner in its Funds.

Onex' businesses generate annual revenues of $32 billion, have assets of $36 billion and employ over 210,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. 

For more information on Onex, visit its website at www.onex.com.

The company's security filings can also be accessed at www.sedar.com.

Contact Information

  • Onex Corporation
    Andrea E. Daly
    (416) 362-7711
    www.onex.com