This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Nov. 6, 2013 /PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) announced today that in accordance with the applicable rules of the Toronto Stock Exchange ("TSX") and New York Stock Exchange ("NYSE"), the "due bill" trading procedures of such stock exchanges will apply to CN's two-for-one stock split, which will take the form of a stock dividend whereby shareholders will receive one additional common share for each common share held. The stock dividend will be payable on
Nov. 29, 2013, to all shareholders of record at the close of business on
Nov. 15, 2013. CN announced the pending stock split on
Oct. 22, 2013.
A "due bill" is an entitlement attached to listed securities undergoing a corporate action, such as a share split. In this instance, the entitlement is to the share dividend. The common shares will trade on a "due bill" basis from two trading days prior to the record date (i.e.,
Wednesday, Nov. 13, 2013) to the payment date (i.e.,
Friday, Nov. 29, 2013), inclusively (the "due bill period"). Any trades that are executed on the TSX or the NYSE during this period will be identified to ensure purchasers of CN's common shares receive the entitlement to the share dividend.
The common shares will commence trading on an "ex-dividend" basis on
Dec. 2, 2013, as of which date purchases of CN's common shares will no longer have an attaching entitlement to a stock dividend payment.
Shareholders do not need to take any action. CN's transfer agent will send to registered shareholders an advice under the direct registration system indicating the number of additional shares that they receive as a result of the stock split. These additional shares will be held in book entry form and registered electronically in the transfer agent's recordkeeping system, unless a physical share certificate is requested by the registered shareholder. Beneficial owners with common shares held through a brokerage account will have their accounts automatically updated to reflect the share split.