All amounts in US dollars, unless otherwise indicated
TORONTO, April 13, 2022 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) today announced that it has filed with the Toronto Stock Exchange, and the Exchange has accepted, a notice of intention to normal course Issuer bid allowing Onex to purchase for cancellation up to 10% of the public float of its subordinate voting shares, or 7,167,381 shares. There are 86,060,456 subordinate voting shares issued and outstanding and the free float as of April 8, 2022 was 71,673,811 shares.
Onex may repurchase shares from time to time over the next twelve months. All purchases under the normal course issuer bid will be made through the facilities of the TSX or other Canadian trading systems. The number of shares Onex is permitted to purchase under the bid may be reduced by private acquisitions pursuant to issuer bid waiver orders issued by a securities regulatory authority or otherwise exempt from the requirements applicable law and/or stock purchases by certain Onex officers or employees under purchase programs administered by Onex. Any purchases made by way of private agreements pursuant to an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as provided in the exemption order. . Subject to any discretionary relief granted by the TSX, Onex may purchase up to 35,172 subordinate voting shares on any trading day, or 25% of its average daily trading volume of 140,690 subordinate voting shares. subordinate vote for the last six calendar months. Onex may also purchase Subordinate Voting Shares from time to time under the Exchange’s Bulk Purchase Exemption, if available.
Onex launched a similar normal course issuer bid on April 18, 2021 (the “2021 Bid”). The 2021 Offer, which permitted the purchase of a maximum of 7,398,197 Subordinate Voting Shares, expires on April 17, 2022. A total of 3,682,783 shares were purchased under the 2021 to March 31, 2022 at an average purchase price of C$89.77 per share. . Onex may also purchase Subordinate Voting Shares from time to time under the Exchange’s Bulk Purchase Exemption, if available. All such purchases under the 2021 public offering were made through the use of the TSX or the private transaction bulk purchase exemption pursuant to a public offering exemption order. redemption issued by a securities regulatory authority.
The normal course issuer bid is being renewed because, in Onex’s view, it is beneficial to the company and its shareholders to continue to repurchase subordinate voting shares from time to time, when they trade at prices that result in an attractive risk-adjusted bid return for the remaining shareholders.
The normal course issuer bid will commence on April 18, 2022 and will end on the date the purchases under the bid were made and April 17, 2023, whichever is earlier.
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients worldwide. Onex’s platforms include: Onex Partners, private equity funds focused on mid- and large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on the middle market and smaller opportunities in North America; Onex Credit, which primarily manages lower quality debt through tradable, private and opportunistic credit strategies, as well as actively managed public equity funds and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of December 31, 2021, Onex has approximately $49 billion in assets under management, of which approximately $8.2 billion is its own investment capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors in Onex’s platforms.
Onex shares trade on the Toronto Stock Exchange under the ticker symbol ONEX. For more information about Onex, visit its website at www.onex.com. Onex safety documents are also available on www.sedar.com.
This press release may contain, without limitation, statements regarding possible or suspected future operations, performance or results preceded, followed by or including words such as “believes”, “expects”, “potential”, ” anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. Readers should not place undue reliance on forward-looking statements and information, as they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to differ materially from those indicated in such forward-looking statements. Except as required by Canadian securities law, Onex undertakes no obligation to update any forward-looking statements contained herein if material facts should change as a result of new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements contained in this press release.
For more information:
Managing Director – Shareholder Relations and Communication
Director, Shareholder Relations and Communications