NEW YORK, May 7, 2012 /PRNewswire/ -- William A. Ackman of Pershing Square Capital
Management, L.P. ("Pershing Square") today issued the following
statement regarding the Ontario Teachers' Pension Plan's vote to
support all seven Nominees for Management Change and to withhold
votes from CP's entire slate of incumbent directors at Canadian
Pacific Railway Limited's ("Canadian Pacific") (TSX: CP; NYSE: CP)
upcoming annual general meeting of shareholders to be held on
May 17th.
"We are honoured by Ontario Teachers' strong expression of
support – they voted for all seven Nominees for Management Change,
and voted withhold against all fifteen incumbents. This vote,
from one of Canada's most
important institutions, sends the strongest possible signal that
the past has been unacceptable, and that the future must be
different. A loud and clear message from shareholders will
enable the reconstituted board to put the past behind it, have a
fresh start, and work most efficiently and effectively toward our
shared goal."
Reporting on the analysis underlying its vote, Ontario Teachers
published today:
"We have carefully reviewed the arguments of CP and Pershing
Square, considering CP's historical performance and future
opportunities within the context of the best interests of CP and
our Plan members going forward. We note CP's performance has been
below its peers during Mr. Green's tenure as CEO and are not
convinced that the most recent results provide irrefutable evidence
that CP is performing better than its peers.
CP has failed to persuade us that Mr. Harrison would be a
liability for CP. We believe that CP's multi-year plan (MYP) is
similar to those previously executed by Mr. Harrison and that a
change in management would not imperil the success of executing the
MYP. Therefore, in view of CP's relative historical
underperformance, the proven success of Mr. Harrison executing
similar MYPs and the absence of compelling evidence that his
appointment is harmful to CP, we believe there is more risk in
maintaining the status quo and support change at CP."
If you have not already done so, please vote the BLUE proxy
or voting instruction form today. A vote FOR all seven of the
Nominees for Management Change, and WITHHOLD against all 15
incumbent directors, will have the greatest impact. As the
meeting is quickly approaching, we encourage you to vote your
shares by Internet or by telephone, by following the instructions
set out in the BLUE proxy or voting instruction form.
Shareholders are reminded that they may still submit a BLUE proxy
or voting instruction form even if they have previously submitted a
white form. A properly completed BLUE form of proxy or voting
instruction form will override and supersede any earlier form of
proxy or voting instruction submitted by you in respect of the
meeting.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements.
All statements that are not clearly historical in nature or that
necessarily depend on future events are forward-looking, and the
words "anticipate," "believe," "expect," "estimate," "plan," and
similar expressions are generally intended to identify
forward-looking statements. These statements are based on
current expectations of Pershing Square and currently available
information. They are not guarantees of future performance,
involve certain risks and uncertainties that are difficult to
predict, and are based upon assumptions as to future events that
may not prove to be accurate. Pershing Square does not assume
any obligation to update any forward-looking statements contained
in this press release, except as required by applicable law.
Please refer to Pershing Square's proxy circular dated April 4, 2012, which is available at
http://www.CPRising.ca, for further information regarding the risks
of these statements.
Additional Information
To keep current with all further developments and for
information about how to vote your shares and to obtain a copy of
Pershing Square's proxy circular and other shareholder
communications, please continue to visit
http://www.CPRising.ca. If you are a shareholder and have not
already done so, please vote your BLUE proxy or voting instruction
form FOR all seven Nominees for Management Change, and WITHHOLD
from all 15 incumbent directors or vote for up to nine incumbent
management nominees. If you have any questions, need
assistance in voting your BLUE proxy or voting instruction form or
need a BLUE proxy or voting instruction form, please call Pershing
Square's proxy solicitor in Canada, Kingsdale Shareholder Services Inc.,
at 1-866-851-3214 toll-free in North
America, or at 1-416-867-2272 outside of North America (collect calls accepted), or
Pershing Square's proxy solicitor in the
United States, D.F. King
& Co., Inc., at 1-800-659-5550 toll-free in North America, or at 1-212-269-5550 outside of
North America (collect calls
accepted). We also invite you to share your comments by going
to the comment section of the CPRising website.
SOURCE Pershing Square Capital Management, L.P.