Canadian National Announces Two-For-One Stock Split, Declares Third-Quarter 1999 Cash Dividend.MONTREAL--(BUSINESS WIRE)--July 20, 1999-- Canadian National's Board of Directors today announced a two-for-one stock split of CN's outstanding common shares. The Directors also declared a third-quarter 1999 cash dividend of thirty cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (Cdn$0.30) on CN's outstanding common shares. The cash dividend will be payable on Sept. 27, 1999, to shareholders of record at the close of business on Sept. 7, 1999. The cash dividend will be paid on a pre-split basis. The additional common shares resulting from the stock split will be made available on Sept. 27, 1999, to shareholders of record at the close of business on Sept. 23, 1999. CN President and Chief Executive Officer Paul M. Tellier said: "The decision by the Board of Directors to effect a stock split is evidence of the Directors' confidence in the strategic direction of CN. The stock split will benefit the Company and its shareholders by ensuring CN shares are more accessible to individual investors." The stock split will have no unfavorable tax consequences in Canada or the United States and will not dilute shareholders' equity. The two-for-one stock split will be effected by way of a stock dividend. Commencing Sept. 2, 1999, outstanding CN common shares will trade without the third quarter's cash dividend. Commencing Sept. 21, 1999, on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Montreal Exchange, their price will reflect the effect of the stock split. Trading in CN common shares 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. will be on a "due bill" (i.e. non-split) basis from Sept. 21, 1999, to Sept. 27, 1999, and post-stock split trading will commence on Sept. 28, 1999. 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 (ME:CNR.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNR.) (NYSE NYSE See: New York Stock Exchange :CNI) 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, Montreal, Halifax, New Orleans, and Mobile, Ala., and key cities of Toronto, Buffalo, Chicago, Detroit, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. |
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