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Non-Tech : Le coin des francophones -- Ignore unavailable to you. Want to Upgrade?

To: Jacques Marcoux who wrote (22192)	7/27/2000 5:52:25 PM
From: pallmer	Respond to of 77509

Petite News sur MX-T Methanex announces share buy-back VANCOUVER, July 27 /CNW/ - Methanex Corporation's Board of Directors has approved a normal course issuer bid under which it may repurchase up to 12,515,532 common shares of the company representing not more than 10% of the public float. There are currently 173,145,748 Methanex common shares issued and outstanding. Pierre Choquette, President and CEO of Methanex commented, ''The supply and demand balance for methanol has resulted in improved prices and strong cash generation. We have excellent financial strength with US$175 million in cash and an undrawn US$291 million credit facility. Given the more positive outlook for the methanol industry, we believe that buying back our shares is an excellent investment.'' Mr. Choquette added, ''We will continue to pursue strategic and tactical opportunities to create value for shareholders and the share buy-back program complements these activities.'' The normal course issuer bid repurchase program was filed and accepted by the Toronto Stock Exchange (TSE) today. The program will be carried out through the facilities of the TSE. Purchases under the program may commence on August 1, 2000 and will terminate on the earlier of July 31, 2001 and the date upon which the company has acquired the maximum number of common shares permitted under the purchase program or otherwise decided not to make further purchases. Purchases will be made from time to time at the then current market price of the company's common shares as traded on the TSE and the common shares purchased will be cancelled. Methanex's Board of Directors believes that these purchases are in the best interests of the company and its shareholders and a desirable use of its corporate funds. Methanex has not purchased any of its common shares during the last 12 months. NOVA Chemicals Corporation, which holds approximately 27.1% of the outstanding common shares of the company, has indicated that it does not intend to sell any common shares of Methanex during the course of the bid. Methanex, based in Vancouver, is the world's largest producer and marketer of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol ''MX'' and on the Nasdaq National Market in the United States under the trading symbol ''MEOH.'' Information in this news release may contain forward-looking statements. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. They include conditions in the methanol industry, including fluctuations in methanol price levels and the supply and demand balance for methanol and its derivatives, the ability to pursue business opportunities, the price of natural gas feedstock and other risks which the Company may describe in publicly available documents filed from time-to-time with securities commissions. %SEDAR: 00001896E /For further information: Brad Boyd, Director, Investor Relations &Corporate Communications, (604) 661-2600, Toll Free: (800) 661-8851,http://www.methanex.com/ Jul-27-2000 21:50 GMT Symbols: CA;MX CA;MEOH US;MEOH Source CNW Canada News Wire Categories: GEO/CA NWR/BC NWI/OIL