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Methanex Announces Closing of Secondary Offering of its Common Shares

June 05, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation today announced that the secondary offering of 37,946,876 of the Company's common shares previously owned by NOVA Chemicals Corporation (NOVA) has closed. On May 21, 2003, Methanex and NOVA announced that they had entered into an agreement with a syndicate of underwriters in connection with the secondary offering. The offering price was CAD$13.30 per share, or US$9.85 per share, for aggregate proceeds of CAD$504.7 million, or US$373.8 million. Methanex did not receive any proceeds from the offering.

RBC Capital Markets acted as lead manager for the offering and CIBC World Markets acted as co-lead manager. Other members of the syndicate included Scotia Capital, TD Securities, Citigroup and UBS Warburg.

With the closing of the secondary offering, Mr. Jeffrey Lipton, the President and Chief Executive Officer of NOVA and the Chairman of the Methanex board of directors, and Mr. A. Terence Poole and Mr. Christopher Pappas, both senior executive officers of NOVA, have resigned as directors of Methanex. Mr. Pierre Choquette, Methanex's President and Chief Executive Officer, will act as interim Chairman of the board and Mr. David Morton will act as "lead" outside director. Mr. Morton is the Chairman of the Corporate Governance Committee of the board. The board will conduct a process to fill the vacant board seats and to select a new chairperson.

Methanex 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."



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Director, Investor Relations
(604) 661-2600 or Toll-Free: 1-800-661-8851