Martinrea announces TSX approval of normal course issuer bid

Martinrea (MRETF) International has filed with the Toronto Stock Exchange, and the TSX has accepted, its notice of intention to make a normal course issuer bid. Pursuant to the NCIB, Martinrea is entitled to purchase for cancellation up to 7,110,571 common shares over a 12-month period, representing approximately 10% of the public float, being 71,105,709 of the Shares currently outstanding. The NCIB is expected to commence on or about May 27 and terminate on May 26, 2026, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares on the TSX for the last six months is 169,292 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 42,323 Shares. Shares purchased under the NCIB will be cancelled. As at May 21, the current number of issued and outstanding common shares is 72,787,848. During the past 12 months, Martinrea was authorized to repurchase up to 6,435,000 Shares under a normal course issuer bid which commenced on May 2, 2024 and terminated on May 1. Martinrea purchased 3,977,392 Shares for cancellation under the Prior Bid at a weighted average price of approximately $11.25. The Prior Bid purchases were made on the open market through the facilities of the TSX and/or alternative Canadian trading systems.