Magna Ordered to Make Additional Disclosures in Bid to Eliminate Dual Share Structure

Magna International Inc. has been ordered by the Ontario Securities Commission (OSC) to make additional disclosures in order to proceed with its proposed transaction to eliminate the company’s dual class share structure.
“We intend to work cooperatively with the OSC staff to address the Commission’s concerns and comply with the OSC’s additional disclosure requirements,” said Vincent J. Galifi, executive vice president and chief financial officer of Magna. “We welcome the Commission’s position that shareholders should decide the outcome of the transaction. We will work to bring the proposed transaction back to our shareholders for consideration in an expeditious manner.”
Magna has postponed the special meeting of shareholders scheduled for Monday June 28, 2010. The board will set a new date for the special meeting in due course.
A copy of the OSC’s Decision and Order is available at: http://www.osc.gov.on.ca.