TORONTO, ONTARIO--(Marketwired - April 22, 2014) - Onex Corporation ("Onex") (TSX:OCX) announced today that it has filed with the Toronto Stock Exchange, and the Exchange has accepted, an Amended 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 8,620,038 shares. There were 111,048,755 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2014 was 86,200,383 shares. The number of Shares that Onex is permitted to acquire under the Normal Course Issuer Bid remains as initially announced by Onex on April 14, 2014 and the purpose of the amendment is solely to allow acquisitions to be executed both through the facilities of the Exchange and through alternative trading systems.
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 or through alternative trading systems. Onex may purchase up to 31,274 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume of 125,096 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.
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 discount from their value as perceived by Onex.
The Normal Course Issuer Bid commenced on April 16, 2014 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 15, 2015.
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $19 billion of assets under management, including $6 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds.
Onex' businesses have assets of $44 billion, generate annual revenues of $33 billion and employ approximately 232,000 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.