MONTREAL,
Jan. 31, 2014 /PRNewswire/ - CN (TSX:
CNR) (NYSE: CNI) provided updated information today with respect to
its on-going share repurchase program after giving effect to the
two-for-one stock split completed in December 2013.
On a post-split basis, CN may purchase up to 30 million common
shares by way of its normal course issuer bid during the period
from Oct. 29, 2013, to Oct. 23, 2014.
CN announced on Oct. 25, 2013,
that it intends to purchase common shares pursuant to private
agreements in accordance with the terms of issuer bid exemption
orders issued by the Ontario Securities Commission, which purchases
will form part of CN's normal course issuer bid. The maximum number
of common shares which may be purchased by CN pursuant to such
private purchases shall not exceed 10 million common shares on a
post-split basis.
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