MONTREAL, March 3, 2015 /PRNewswire/ - 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