NEW YORK, May 11, 2012 /PRNewswire/ -- William A.
Ackman of Pershing Square Capital Management, L.P. ("Pershing
Square") today issued the following statement regarding the
Canadian Pension Plan Investment Board's (CPPIB) 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 grateful for the support of CPPIB, one of Canada's largest and most respected pension
investors. Their support, along with the strong support we've
received from others in recent weeks, makes it clear that our
fellow shareholders are ready for change and believe in our goal of
returning Canadian Pacific to its historic position as a leader in
the industry," said William A.
Ackman, CEO of Pershing Square.
CPPIB stated:
"We have assessed the cases put forward by CP and Pershing
Square and have concluded that change is necessary at CP. This view
is supported by both operational and financial measures of
performance which have significantly underperformed peers over a
prolonged period of time, resulting in shareholder returns that
have lagged the company's closest peers. Although CP appears to
have made some recent progress towards improving its operations, we
believe that Pershing's proposals for change provide the greatest
likelihood for long-term sustainable improvement. We believe that
our vote for only the dissident nominees is the best way to ensure
that these directors are elected and that constructive change
occurs."
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 voted on
management's white form of proxy or voting instruction 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.