CPE News (5.4.2022) – William H. Gates III has sold through Cascade Investment, L.L.C. 1,005,271 common shares of Canadian National Railway Company (CN) (TSX: CNR; NYSE: CNI) listed on the Toronto Stock Exchange (TSX) at a weighted average sales price of $155.1481 per share for gross proceeds of $155,965,885.64. The Bill & Melinda Gates Foundation Trust sold 191,122 common shares at a weighted average sales price of $155.1481 per share for gross proceeds of $29,652,215.17.
Bill Gates is the sole member of Cascade and co-trustee of the Trust.
Following completion of its disposition, Cascade owns 64,997,312 common shares, representing approximately 9.37% of the issued and outstanding common shares and the Trust owns 12,357,305 Common Shares, representing approximately 1.78% of the issued and outstanding common shares.
Through Cascade and the Trust, Bill Gates is deemed to have beneficial ownership of an aggregate 77,354,617 common shares, representing approximately 11.15% of the issued and outstanding common shares, down from 78,551,010 common shares owned by Cascade and the Trust immediately prior to the disposition, which had represented 11.32% of the issued and outstanding common shares, a decrease of of 0.17%.
Justin M. Howell, Senior Investment Manager at Cascade Asset Management Co., the investment office for the Gates Family and the Bill and Melinda Gates Foundation, serves on CN’s board of directors.
Bill Gates remains as CN’s only 10% plus beneficial shareholder.
photo credit: CN
News Release
DISPOSITION OF COMMON SHARES OF CANADIAN NATIONAL RAILWAY COMPANY
KIRKLAND, WASHINGTON – The beneficial ownership of Canadian National Railway Company (“CN”) by William H. Gates III has decreased due to dispositions.
On May 4, 2022, Cascade Investment, L.L.C. (“Cascade”) sold 1,005,271 common shares of CN (“Common Shares”) listed on the Toronto Stock Exchange at a weighted average sales price of $155.1481 per share, for gross proceeds of $155,965,885.64. Following completion of its disposition, Cascade owns 64,997,312 Common Shares, representing approximately 9.37% of the issued and outstanding Common Shares. Immediately prior to the disposition, Cascade had owned 66,002,583 Common Shares, representing approximately 9.51% of the issued and outstanding Common Shares. As the sole member of Cascade, Mr. Gates beneficially owns the Common Shares owned by Cascade.
On the same day, the Bill & Melinda Gates Foundation Trust (the “Trust”) sold 191,122 Common Shares listed on the Toronto Stock Exchange at a weighted average sales price of $155.1481 per share, for gross proceeds of $29,652,215.17. Following completion of its disposition, the Trust owns 12,357,305 Common Shares, representing approximately 1.78% of the issued and outstanding Common Shares. Immediately prior to the disposition, the Trust had owned 12,548,427 Common Shares, representing approximately 1.81% of the issued and outstanding Common Shares. Mr. Gates is deemed to share beneficial ownership of, but has no economic interest in, Common Shares owned by the Trust, a charitable trust for which Mr. Gates serves as a Co-Trustee.
Through Cascade and the Trust, Mr. Gates is deemed to have beneficial ownership of an aggregate 77,354,617 Common Shares, representing approximately 11.15% of the issued and outstanding Common Shares—down from 78,551,010 Common Shares owned by Cascade and the Trust immediately prior to the disposition, which had represented 11.32% of the issued and outstanding Common Shares (a change of 0.17%).
A senior investment manager for Mr. Gates, Justin Howell, serves on CN’s board of directors.
Each of Cascade and the Trust acquired its Common Shares for investment purposes. Cascade or the Trust may increase or decrease their ownership of securities of CN depending upon future market conditions or for portfolio-management purposes.
CN’s head office is located at 935 de La Gauchetière Street West, Montréal, Québec H3B 2M9. The business address for Mr. Gates is 500 5th Avenue North, Seattle, Washington 98109, USA.
TO OBTAIN A COPY OF THE CORRESPONDING EARLY WARNING REPORT, PLEASE CONTACT:
Jacki Badal, Attorney
Tel: +1 (425) 889-7900
The issuance of this news release is not an admission that any person or entity named in this release owns or controls any described securities or is a joint actor with any other named person or entity.