MONTREAL,
Jan. 30, 2015 /CNW/ - CN (TSX: CNR)
(NYSE: CNI) announced today that it intends to purchase for
cancellation up to 1.2 million of its common shares pursuant to a
private agreement between CN and an arm's-length third-party
seller. The purchase will form part of CN's repurchase program for
up to 28 million shares announced on Oct.
21, 2014.
Such purchase will be made pursuant and subject
to the terms of an issuer bid exemption order issued by the
Autorité des marchés financiers (Order) and will take place before
March 31, 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 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 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 is a true backbone of the economy,
transporting more than 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