On January 31, 2003, the Company purchased three properties from Tesma International Inc.
The aggregate value of the restricted shares was $2,607,470 based on the closing prices on December 31, 2004 for Class A Subordinate Voting Shares of the Corporation on the NYSE ($82.55) and the Class A Subordinate Voting Shares of Decoma ($11.76), Intier ($31.65) and Tesma ($36.22) on NASDAQ.
For Tesma, this primarily represents the obligation, at the end of each lease term, to restore leased premises back to their condition at the inception of the lease.
Magna's manufacturing, product development and engineering facilities are organized as autonomous operating divisions under one of six automotive systems groups, three of which are public companies (namely, Decoma, Intier and Tesma), in which Magna retains a significant equity stake and voting control, and three of which are wholly-owned (namely, Magna Steyr, Cosma and Magna Donnelly).
The Manager has subcontracted the technical management of the vessels to four unaffiliated ship-management companies, V.Ships Limited ("V.Ships"), Tesma Singapore Pte Ltd ("Tesma"), Hanseatic Shipping Co. Ltd (Cyprus) and Swan Shipping Corporation (Manila).