MONTREAL,
Oct. 25, 2013 /PRNewswire/ - CN (TSX:
CNR) (NYSE: CNI) announced today that it intends to purchase for
cancellation up to 5 million of its common shares pursuant to
private agreements between CN and arm's-length third-party sellers.
The purchases will form part of CN's repurchase program for up to
15 million shares announced on Oct. 22,
2013.
Such purchases will be made pursuant and subject to the terms of
issuer bid exemption orders issued by the Ontario Securities
Commission (Orders) and will take place before the end of
March 2014. In accordance with the
Orders, CN's purchases under such private agreements will not
exceed, in the aggregate, one third of the maximum number of shares
that it may purchase under its recently announced share repurchase
program, or 5,000,000 common shares. The price that CN will pay for
any common shares purchased by it under such agreements will be
negotiated by CN and the seller and will be at a discount to the
prevailing market price of CN's common shares on the Toronto Stock
Exchange at the time of the purchase. Information regarding each
purchase, including the number of common shares purchased and
aggregate purchase price, will be available on the System for
Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com
following the completion of any such purchase.
Forward-Looking Statements
Certain information included in this news release constitutes
"forward -looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws, including potential purchases of common
shares for cancellation under a normal course issuer bid or by
private agreements. CN cautions that, by their nature, these
forward-looking statements involve risk, uncertainties and
assumptions. The Company cautions that its assumptions may not
materialize and that the current economic conditions render such
assumptions, although reasonable at the time they were made,
subject to greater uncertainty.
Important risk factors that could affect the above
forward-looking statements include, but are not limited to, the
effects of general economic and business conditions, industry
competition, inflation, currency and interest rate fluctuations,
changes in fuel prices, legislative and/or regulatory developments,
compliance with environmental laws and regulations, actions by
regulators, various events which could disrupt operations,
including natural events such as severe weather, droughts, floods
and earthquakes, labor negotiations and disruptions, environmental
claims, uncertainties of investigations, proceedings or other types
of claims and litigation, risks and liabilities arising from
derailments, and other risks and assumptions detailed from time to
time in reports filed by CN with securities regulators in
Canada and the United States. Reference should be made to
"Management's Discussion and Analysis" in CN's annual and interim
reports, Annual Information Form and Form 40-F filed with Canadian
and U.S. securities regulators, available on CN's website, for a
summary of major risks and assumptions.
CN assumes no obligation to update or revise forward-looking
statements to reflect future events, changes in circumstances, or
changes in beliefs, unless required by applicable Canadian
securities laws. In the event CN does update any forward-looking
statement, no inference should be made that CN will make additional
updates with respect to that statement, related matters, or any
other forward-looking statement.
CN (TSX: CNR)(NYSE: CNI) is a true
backbone of the economy, transporting approximately C$250 billion worth of goods annually for a wide
range of business sectors, ranging from resource products to
manufactured products to consumer goods, across a rail network
spanning Canada and mid-America.
CN - Canadian National Railway Company, along with its operating
railway subsidiaries -- serves the cities and ports of Vancouver, Prince
Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of
Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth,
Minn./Superior, Wis., and
Jackson, Miss., with connections
to all points in North America.
For more information on CN, visit the Company's website at
www.cn.ca.
SOURCE CN