Oct. 22, 2012
/PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has authorized a new normal-course-issuer bid to purchase, for cancellation, up to
in common shares, not to exceed 18 million common shares, representing 4.75 per cent of the common shares issued and outstanding of the Company not held by insiders on
Oct. 15, 2012
. Approximately 431.5 million CN common shares were issued and outstanding on that date.
CN repurchased 16.7 million common shares under its share repurchase program announced in
, at a weighted-average price of
per share, excluding brokerage fees, returning almost
The new repurchase program - starting on
Oct. 29, 2012
, and ending no later than
Oct. 28, 2013
- will be conducted through a combination of discretionary transactions and automatic repurchase plans through the facilities of the
stock exchanges, or alternative trading systems, if eligible, and will conform to their regulations. Toronto Stock Exchange (TSX) rules will permit CN to purchase daily, through TSX facilities, a maximum of 202,935 common shares under the Company's new repurchase program. Purchases under the normal-course-issuer 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 under an issuer bid exemption order issued by a securities regulatory authority in
The price to be paid by CN for any common shares will be the market price at the time of acquisition, plus brokerage fees, and purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order.