CALGARY, Sept. 29, 2014 /CNW/ - Canadian Pacific Railway Limited
(TSX/NYSE: CP) announces that it has received the approval of the
Toronto Stock Exchange ("TSX") to amend its Normal Course Issuer Bid
("Bid") to increase the maximum number of its common shares that may be
purchased for cancellation under the Bid from 5,270,374 common shares,
being 3% of the common shares outstanding, to 12,650,862 common shares,
or 8% of CP's "public float", each as at March 4, 2014 (being the
reference date for the initial Bid). The increased limit will be
effective October 2, 2014
The Bid commenced on March 17, 2014 and will terminate on March 16,
2015. Since March 17 CP has repurchased the 5,270,374 common shares or
3% of its common shares outstanding.
Purchases of CP common shares may be made through the facilities of the
TSX, the New York Stock Exchange and alternative trading platforms by
means of open market transactions or by such other means as may be
permitted by the TSX and under applicable securities laws, including by
private agreement pursuant to issuer bid exemption orders issued by
applicable securities regulatory authorities. Subject to certain
exceptions to make block purchases, CP will not acquire through the
facilities of the TSX more than 82,954 common shares during a trading
day, being 25 percent of the average daily trading volume of CP common
shares on the TSX for the six calendar months prior to the reference
date for the initial Bid.
The actual number of common shares that will be repurchased under the
Bid, and the timing of any such purchases, will be determined by CP.
There cannot be any assurances as to how many common shares will
ultimately be acquired by CP under the Bid.
CP also announces that in connection with its amended Bid, its automatic
share purchase plan announced on March 28, 2014 has terminated and CP
intends to enter into a new automatic share purchase plan ("Plan") with
its designated broker by October 2, 2014. The Plan has been reviewed by
the TSX. The Plan allows for purchases of CP common shares during
internal quarterly blackout periods when CP would not otherwise be
permitted to trade in its shares. Such purchases are made at the sole
discretion of the broker based on parameters established by CP prior to
any blackout period. CP confirms that, at the time it enters into the
Plan, it will not possess knowledge of any material fact or material
change in relation to the company, its common shares or any of its
other securities that has not been generally disclosed and that it is
not in a "blackout period".
Note on forward-looking information
This news release contains certain forward-looking information within
the meaning of applicable securities laws relating, but not limited, to
future sources of capital and future purchases of CP's common shares.
This forward-looking information also includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals, objectives,
assumptions and statements about possible future events, conditions,
and results of operations or performance. Forward-looking information
may contain statements with words or headings such as "financial
expectations", "key assumptions", "anticipate", "believe", "expect",
"plan", "will", "outlook", "should" or similar words suggesting future
Undue reliance should not be placed on forward-looking information as
actual results may differ materially from the forward-looking
information. Forward-looking information is not a guarantee of future
performance. By its nature, CP's forward-looking information involves
numerous assumptions, inherent risks and uncertainties that could cause
actual results to differ materially from the forward-looking
information, including but not limited to the following factors:
changes in business strategies; general North American and global
economic, credit and business conditions; risks in agricultural
production such as weather conditions and insect populations; the
availability and price of energy commodities; the effects of
competition and pricing pressures; industry capacity; shifts in market
demand; changes in commodity prices; uncertainty surrounding timing and
volumes of commodities being shipped via CP; inflation; changes in laws
and regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of claims
and litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of completion of
capital and maintenance projects; currency and interest rate
fluctuations; effects of changes in market conditions and discount
rates on the financial position of pension plans and investments; and
various events that could disrupt operations, including severe weather,
droughts, floods, avalanches and earthquakes as well as security
threats and governmental response to them, and technological changes.
The foregoing list of factors is not exhaustive.
These and other factors are detailed from time to time in reports filed
by CP with securities regulators in Canada and the United States.
Reference should be made to "Management's Discussion and Analysis" in
CP's annual and interim reports, Annual Information Form and Form 40-F.
Readers are cautioned not to place undue reliance on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections and it is possible that
predictions, forecasts, projections, and other forms of forward-looking
information will not be achieved by CP. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, whether as a result of new information,
future events or otherwise.
Canadian Pacific (TSX:CP)(NYSE: CP) is a transcontinental railway in
Canada and the United States with direct links to eight major ports,
including Vancouver and Montreal, providing North American customers a
competitive rail service with access to key markets in every corner of
the globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply chain
expertise. Visit cpr.ca to see the rail advantages of CP.
SOURCE: Canadian Pacific
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