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CN announces new normal course issuer bid for repurchase of its shares, declares 4th quarter 2017 cash dividend
CN announces new normal course issuer bid for repurchase of its shares, declares 4th quart...
About this update from Canadian National Railway Company
[{"type":"text","content":"\n\n\n\nCN announces new normal course issuer bid for repurchase of its shares, declares 4th quarter 2017 cash dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Oct. 24, 2017\n\n\n\nMONTREAL, Oct. 24, 2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved the repurchase of its shares under a new normal course issuer bid (Bid) and approved a fourth-quarter 2017 dividend. \n\nThe Bid permits CN to purchase, for cancellation, up to 31 million common shares, representing 4.9 per cent of the 629,138,132 common shares issued and outstanding of the Company not held by insiders on Oct. 16, 2017. On that date, 748,215,232 CN common shares were issued and outstanding.\n\nThe Bid – starting on Oct. 30, 2017, and ending no later than Oct. 29, 2018 – will be conducted through a combination of discretionary transactions and automatic repurchase plans through the facilities of the Toronto and New York stock exchanges, or alternative trading systems, if eligible, and will conform to their regulations. \n\nToronto Stock Exchange (TSX) rules will permit CN to purchase daily, through TSX facilities, a maximum of 294,618 common shares under the Company's Bid. Purchases under the Bid will be made by means of open market transactions or such other means as the TSX or a securities regulatory authority may permit, including private agreements or share repurchase programs under one or more issuer bid exemption orders issued by securities regulatory authorities in Canada.\n\nThe price to be paid by CN for its open market purchases of common shares will be the market price at the time of acquisition, plus brokerage fees. Purchases made under issuer bid exemption orders will be at a discount to the prevailing market price as per the terms of the order.\n\nCN believes that the repurchase of its shares represents an appropriate and beneficial use of the Company's funds.\n\nGhislain Houle, CN executive vice-president and chief financial officer, said: \"CN has a proven track record of solid financial results tha...