NORMAL COURSE ISSUER BID / Methanex Corp
VANCOUVER, April 16 /CNW/ - Methanex Corporation's Board of Directors has
approved the buy-back of up to approximately 10.7 million of the Company's
common shares, equating to 10% of the Corporation's public float. The shares
to be repurchased represent the maximum allowable number of common shares able
to be repurchased by the Company under the normal course issuer bid rules of
The Toronto Stock Exchange.
Pierre Choquette, Methanex's President and CEO, remarked ''Our
outstanding performance and results in 1997 have provided cash in excess to
our current strategic requirements, and this buy-back, following the
repurchase program in 1997, reinforces our commitment to return excess cash to
our shareholders.'' Mr. Choquette added ''Buying back stock at current levels
represents an excellent investment for Methanex.''
As of April 13, 1998, the Corporation had 175,597,273 common shares
issued and outstanding, and the public float was 107,179,981 shares. The
shares intended to be repurchased represent approximately 6.1% of the total
outstanding common shares of the Company, and the purchases will be made
through the facilities of The Toronto Stock Exchange. The repurchase program
will commence on April 27, 1998 and will terminate on the earlier of either
April 26, 1999, the date upon which the Company has acquired the maximum
number of its common shares permitted under the program, or such other date
that the Company decides to terminate the bid. All common shares repurchased
will be canceled.
Beginning April 7 last year, Methanex repurchased 14 million of its
common shares at an average price of C$12.47 per share. That repurchase
program was also implemented under a normal course issuer bid, and the shares
repurchased represented at that time approximately 10% of the Corporation's
public float.
Methanex is a Vancouver based, publicly-traded company engaged in the
worldwide production and marketing of methanol. Methanex shares are listed
for trading on the Toronto and Montreal stock exchanges in Canada under the
trading symbol ''MX'' and on The NASDAQ Stock Market in the United States
under the trading symbol ''MEOHF.''
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