12:25:53 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Methanex Corp
Symbol MX
Shares Issued 73,124,527
Close 2022-04-27 C$ 62.76
Market Cap C$ 4,589,295,315
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Methanex amends share buyback

2022-04-27 17:34 ET - News Release

Mr. John Floren reports

METHANEX INCREASES ITS EXISTING SHARE REPURCHASE PROGRAM TO 10% OF PUBLIC FLOAT

Methanex Corp.'s board of directors has approved an amendment to the company's existing normal course issuer bid originally announced on Sept. 16, 2021, which increases the number of common shares that may be purchased under the bid from 3,810,464 to 6,094,171, representing 10 per cent of the public float at the time of the announcement of the bid and the maximum number of common shares that may be purchased under the bid.

To date, the company has repurchased 3,810,464 shares under the bid at a weighted average purchase price of $47.83 (U.S.) per share. Commencing May 2, 2022, the remaining shares under the amended bid may be purchased on the open market through the Toronto Stock Exchange up to and including Sept. 23, 2022. The company has received Toronto Stock Exchange approval of the amended bid. No other terms of the bid have been amended.

John Floren, president and chief executive officer of Methanex, commented: "Our announcement of the increase to the existing share purchase program builds on our long track record of returning excess cash to shareholders. Our strong financial position and a continuing robust methanol price environment enable us to generate meaningful cash flow to maintain our business, fund the remaining capital costs for our Geismar 3 project and return excess cash to shareholders."

Purchases will be made from time to time at the then-current market price of the shares and all shares purchased will be cancelled. Subject to certain exceptions for block purchases, daily repurchases under the program will not exceed 59,787 common shares, representing 25 per cent of the company's average daily trading volume on the TSX for the six-month period ended on Aug. 31, 2021. The company will enter into an automatic securities purchase plan with its broker in connection with purchases to be made under this program.

Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the TSX in Canada under the trading symbol MX and on the Nasdaq Global Select Market in the United States under the trading symbol MEOH.

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