|By Marketwired .||
|April 12, 2013 10:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/12/13 -- 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 8,874,849 shares. There are 113,952,935 Subordinate Voting Shares issued and outstanding and the public float as at March 31, 2013 was 88,748,496 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 16, 2012, which expires on April 15, 2013 and under which a total of 1,526,865 Subordinate Voting Shares have been purchased as at April 4, 2013 at an average purchase price of C$42.35 per share. Onex may purchase up to 32,914 Subordinate Voting Shares during any trading day, being 25% of its average daily trading volume of 131,656 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, 2013 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 15, 2014.
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 $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $43 billion, generate annual revenues of $37 billion and employ approximately 250,000 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.
Vice President, Investor Relations