CN to Terminate Conversion Rights of US$230 Million 5.25% Convertible Preferred Securities.Business Editors MONTREAL--(BUSINESS WIRE)--May 6, 2002 Canadian National (NYSE NYSE See: New York Stock Exchange :CNI)(TSX:CNR) announced today it has met conditions to terminate the rights of holders of CN's US$230 million 5.25% Convertible Preferred Securities due June 30, 2029 ("securities") to convert the securities into CN common shares. The termination will take effect as at the close of business July 3, 2002. Holders may still convert their securities at any time prior to the close of business on July 3, 2002. The conversion of these securities is already reflected in the reported calculation of CN's fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . The securities are subordinated debt securities of CN now listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . Each has a face value of US$50 and is convertible into 1.2995 CN common shares at the current conversion price of US$38.47595 per share. At the close of business May 3, 2002, CN common shares closed at US$49.86 on the New York Stock Exchange. Should the closing price of CN common shares exceed the conversion price of US$38.47595 on July 3, 2002, all securities not previously converted will be deemed to have been converted into CN common shares, unless a holder instructs the trustee otherwise. Canadian National Railway Company Canadian National Railway Company (NYSE: CNI, TSX: CNR) is a Canadian rail transportation company that operates the Canadian National Railway. It was created in December, 1918 as a Crown corporation of the Government of Canada to nationalize several bankrupt rail systems spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, Jackson, Miss., with connections to all points in North America. |
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