Electing All Seven Pershing Square Nominees Represents Risk
and Disruption to Company's Success
Recommends Shareholders Vote for the Best 16 Directors on the
White Universal Proxy Today
CALGARY, May 9, 2012 /PRNewswire/
- Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today
reported further improvements to the Company's operating metrics
during the month of April, 2012, which were driven by the continued
successful and aggressive execution of CP's Multi-Year Plan. This
Plan, unanimously endorsed by the Board, has been specifically
designed to generate the best possible operational and financial
results from CP's unique franchise.
CP Continues to Successfully
Execute on its Value-Generating Multi-Year Plan; Pershing
Square, in Contrast, has No Plan
Leading into the fourth consecutive quarter, CP is continuing to
deliver sustained operational improvements and record
performance. In April 2012,
when compared to the prior year period, CP continued to drive
operational improvements and reported the following operating
metrics:
- A 45 per cent improvement in car miles per car day to an
all-time record;
- A 23 per cent improvement in terminal dwell to an all-time
record;
- A 27 per cent improvement in active cars online; and
- A 25 per cent improvement in train speed.
As evidenced by these strong operating metrics and all-time
records, it is clear that CP has the right plan, the right
management team and the right Board that is generating
substantial and sustained value for shareholders.
Significant change is underway at CP and the Company has a clear
line of sight to further improvement. The CP Board
unanimously believes Pershing Square's demand that the Company
replace Fred Green with Hunter Harrison would delay and damage CP's
value-generating plan, and put the progress and momentum the
Company has built at significant risk.
Pershing Square has admitted that its plan amounts to nothing
more than replacing one CEO with another. Furthermore,
Pershing Square's nominees have failed to provide any strategic or
operational plan that would lead to an improved operating ratio
("OR"), much less achieve the unprecedented and unrealistic rate of
OR reduction that Pershing Square has promised to
shareholders.
CP Urges Shareholders Not to Forfeit Their
Right to Choose The Best Possible Board - Voting for All Seven
Pershing Square Nominees Means Voting for Risk and
Disruption
Every vote is extremely important. CP recommends
that shareholders use the WHITE universal proxy to cast
their votes in favour of the best 16 directors - including any of
the Pershing Square nominees who have the skills and experience to
serve shareholders' best interests - and not to give Pershing
Square seven seats on the Board. Voting for any fewer than 16
nominees means that other shareholders, including Pershing Square,
will select the remaining directors.
CP recommends that shareholders vote FOR the CP nominees
by Internet or by signing, dating and returning the WHITE
universal proxy.
Shareholders are encouraged to visit www.CPonTrack.com to access
the Company's Management Proxy Circular and for more information
about CP, the CP management team and its value-generating
Multi-Year Plan.
Shareholders with any questions about the information contained
in this document or require assistance in completing the
WHITE universal proxy, please contact CP's proxy
solicitation agents:
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Georgeson |
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MacKenzie Partners, Inc. |
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TOLL FREE - 1-866-374-9187 or
International Toll Free Number
(outside Canada and
U.S.): 1-866-682-6148 |
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TOLL FREE 1-800-322-2885
or
(212) 929-5500 (Call Collect) |
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email: askus@georgeson.com |
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email: proxy@mackenziepartners.com |
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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 our operations, priorities and plans, anticipated
financial performance, business prospects, planned capital
expenditures, programs and strategies. 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 such
as "anticipate", "believe", "expect", "plan" or similar words
suggesting future outcomes.
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; 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, including long-term floating rate
notes; 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.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE: CP) operates a North American
transcontinental railway providing freight transportation services,
logistics solutions and supply chain expertise. Incorporating
best-in-class technology and environmental practices, CP is
re-defining itself as a modern 21st century transportation company
built on safety, service reliability and operational efficiency.
Visit www.CPonTrack.com for a copy of CP's Management Proxy
Circular and to see how Canadian Pacific is further driving
shareholder value.
SOURCE Canadian Pacific