MONTREAL, Oct. 27, 2014 /CNW Telbec/ - CN (TSX: CNR) (NYSE:
CNI) announced today that it intends to purchase for cancellation
up to 5.175 million of its common shares pursuant to private
agreements between CN and an arm's-length third-party seller. The
purchases will form part of CN's repurchase program for up to 28
million shares announced on Oct. 21,
2014.
Such purchases will be made pursuant and subject to the terms of
an issuer bid exemption order issued by the Ontario Securities
Commission (Order) and will take place before October 23, 2015. In accordance with the Order,
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 9,333,333 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 third-party 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 private agreement.
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 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