Magellan Aerospace Announces Renewal of Normal Course Issuer Bid
The notice provides that Magellan may, during the 12 month period commencing
The Board of Directors of the Corporation believe that the NCIB is an effective use of Magellan's financial resources when the market price of its Shares may not adequately reflect their underlying value. The NCIB will be funded using Magellan's existing cash resources, and any common shares repurchased by the Corporation under the NCIB will be cancelled.
Magellan also announced today that, in connection with its NCIB, Magellan has renewed its automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its common shares under the NCIB, once effective, at times when Magellan normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods.
As of
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Forward Looking Statements
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. When used herein, words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe", and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Corporation believes are appropriate in the circumstances. Many factors could cause the Corporation's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the "Risk Factors" section of the Corporation's Annual Information Form (copies of which filings may be obtained at www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the Corporation's forward-looking statements. The Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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For information:
Chief Financial Officer
IR@magellan.aero
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