Onex Corporation
TSX : OCX

Onex Corporation

April 09, 2009 11:39 ET

Onex Corporation Files Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 9, 2009) -

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 9,257,488 shares. There are 122,099,689 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2009 was 92,574,885 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, 2008, which bid expires on April 13, 2009 and under which a total of 1,782,581 Subordinate Voting Shares have been purchased as at March 31, 2009 at an average purchase price of $26.73 per share. Onex may purchase up to 62,634 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.

Onex is renewing the Normal Course Issuer Bid as it is of the view that it is advantageous to Onex 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, 2009 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 13, 2010.

Onex is one of North America's oldest and most successful private equity firms. Onex makes private equity investments through the Onex Partners and ONCAP families of Funds. Onex also manages alternative asset platforms focused on Real Estate and Credit Securities. In total Onex manages approximately $11 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately $7 billion of third party capital, and also invests approximately $4 billion of its own capital directly and as a substantial Limited Partner in its Funds. Onex' businesses generate annual revenues of $36 billion, have assets of $42 billion and employ 244,000 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.

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