Methanex Announces Board Approval for 5% Share Repurchase Program – GlobeNewswire | Jewelry Dukan

VANCOUVER, British Columbia, Sept. 15, 2022 (GLOBE NEWSWIRE) — Methanex Corporation (the “Company” or “Methanex”) (TSX:MX) (NASDAQ:MEOH) announced today that its board of directors has approved a normal course has Issuer Offer (“NCIB”) under which the Company will purchase up to 3,506,405 common shares (“Shares”) on cancellation, representing 5% of the issued and outstanding shares as of September 15, 2022.

The NCIB is subject to the approval of the Toronto Stock Exchange (the “TSX”). Purchases under the NCIB will be made on the open market through the facilities of the TSX and will commence no earlier than September 26, 2022. All purchases will be made from time to time at the then current market price of the Shares and any Shares purchased under the NCIB will be cancelled. Subject to certain exceptions for block purchases, all daily purchases under the NCIB through the TSX will not exceed 54,902 shares, representing 25% of the Company’s average daily trading volume on the TSX for the six month period ended August 31, 2022. The Company intends to enter into an automatic stock purchase plan with its broker in connection with purchases to be made under the NCIB.

John Floren, President and CEO of Methanex, commented, “Today’s announcement reflects the strength of our balance sheet and builds on our long-standing track record of returning excess cash to shareholders.”

Under the NCIB initiated by the Company on September 24, 2021 and completed on July 26, 2022, the Company purchased 3,810,464 shares for cancellation through the facilities of the NASDAQ Global Select Market and alternative trading systems in the United States at a weighted average price back of $47.83 and 2,283,707 shares through the facilities of the TSX at a weighted average price of $56.14 CAD.

Methanex is a publicly traded company based in Vancouver and is the world’s largest producer and supplier of methanol to key international markets. Methanex shares trade on the Toronto Stock Exchange in Canada under the symbol “MX” and on the NASDAQ Global Select Market in the United States under the symbol “MEOH”. Methanex can be visited online at www.methanex.com.

FORWARD-LOOKING INFORMATION WARNING

This press release contains certain forward-looking statements relating to us and our industry. These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. Statements containing the word “will” or other similar terminology and similar statements of a forward-looking or forward-looking nature identify forward-looking statements. In particular, and without limitation, all statements with respect to the following are forward-looking statements:

  • Methanex’s expected cash flows, cash on hand, profitability, debt and share price,
  • Methanex’s financial strength and ability to meet future financial obligations; and
  • Methanex’s shareholder distribution strategy and expected distributions to shareholders.

We believe we have a reasonable basis for such forward-looking statements. The forward-looking statements in this document are based on our experience, our perception of trends, current conditions and anticipated future developments, and other factors. Certain material factors or assumptions have been used in forming the conclusions or forecasts or projections contained in these forward-looking statements, including without limitation future expectations and assumptions regarding the following:

  • Supply, demand and price of methanol, methanol derivatives, natural gas, coal, oil and oil derivatives,
  • operating rates of our facilities,
  • Operating costs including natural gas raw material and logistics costs, capital costs, tax rates, cash flows, exchange rates and interest rates,
  • the expected schedule and capital costs of our Geismar 3 project and
  • global and regional economic activity (including industrial production levels) and GDP growth.

However, by their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated in the forward-looking statements. The risks and uncertainties primarily include those associated with the production and commercialization of methanol and the successful execution of large capital projects in various jurisdictions, including but not limited to:

  • conditions in the methanol and other industries, including fluctuations in the supply, demand and price of methanol and its derivatives, including demand for methanol for energy use,
  • the price of natural gas, coal, oil and oil derivatives,
  • our ability to source natural gas feedstocks on commercially acceptable terms to underpin ongoing operations and future growth opportunities,
  • the ability to successfully implement corporate initiatives and strategies,
  • actions of competitors, suppliers and financial institutions,
  • global economic conditions and
  • other risks described in our 2021 Annual Management Discussion and Analysis and our 2022 Second Quarter Management Discussion and Analysis.

Given these and other factors, investors and other readers are cautioned not to place undue reliance on forward-looking statements. They are not a substitute for the exercise of your own care and judgment. The results anticipated in any forward-looking statements may not occur, and we undertake no obligation to update any forward-looking statements except as required by applicable securities laws.

Sarah Herriott
Director, Investor Relations
Methanex Corporation
604.661-2600 or toll-free: 1.800.661.8851
www.methanx.com

Leave a Comment