TORONTO, ONTARIO--(Marketwire - April 12, 2012) -
All amounts in U.S. dollars unless otherwise stated.
Onex Corporation ("Onex") (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 8,861,260 shares. There are 115,072,846 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2012 was 88,612,605 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, 2011, which expires on April 13, 2012 and under which a total of 3,210,892 Subordinate Voting Shares have been purchased as at March 31, 2012 at an average purchase price of C$33.26 per share. Onex may purchase up to 34,051 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume of 136,206 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 will commence on April 16, 2012 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 15, 2013.
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 $14 billion, of which $9 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $41 billion, generate annual revenues of $37 billion and employ approximately 246,000 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Emma Thompson Onex Corporation Vice President, Investor Relations 416.362.7711 www.onex.com