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Canadian National to buy its shares under repurchase scheme
CANADIAN National Railway (CN) plans to repurchase common shares under a share repurchase programme. The purchase will form part of the Normal Course Issuer Bid for up to 33 million shares that was announced last October.
CN said it will enter into an agreement with a third party to repurchase common shares through daily purchases that will take place upon the completion of the previous agreement to March 24, 2016, subject to a maximum of 1,726,000 common shares.
Pursuant to the terms of the agreement, and subject to the terms of an issuer bid exemption order issued by the Ontario Securities Commission, the third party will purchase CN's common shares on the open market for its own account in accordance with the rules applicable to the Bid.
The price that CN will pay for any common shares purchased by it from the third party under the agreement will be negotiated by CN and the third party and will be at a discount to the prevailing market price of CN's common shares on the Toronto stock exchange (TSX) at the time of the purchase.
CN said it will enter into an agreement with a third party to repurchase common shares through daily purchases that will take place upon the completion of the previous agreement to March 24, 2016, subject to a maximum of 1,726,000 common shares.
Pursuant to the terms of the agreement, and subject to the terms of an issuer bid exemption order issued by the Ontario Securities Commission, the third party will purchase CN's common shares on the open market for its own account in accordance with the rules applicable to the Bid.
The price that CN will pay for any common shares purchased by it from the third party under the agreement will be negotiated by CN and the third party and will be at a discount to the prevailing market price of CN's common shares on the Toronto stock exchange (TSX) at the time of the purchase.
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