CALGARY, June 11, 2014 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX/NYSE: CP) announced today that it intends to
purchase for cancellation up to 456,791 of its common shares
pursuant to private agreements to be entered into between CP and an
arm's‐length third‐party seller.
Purchases will be made in accordance with an issuer bid
exemption order issued by the Ontario Securities Commission dated
June 10, 2014 ("Order"), and pursuant
to the Order, may be made in several transactions prior to
March 16, 2015. The price CP will pay
for the common shares purchased by way of the private agreements
will be at a discount to the prevailing market price of CP common
shares on the Toronto Stock Exchange at the time of purchase.
Purchases will be counted towards CP's share purchase program
announced on March 11, 2014 for up to
5,270,374 shares and will not exceed, in aggregate, one third of
the maximum number of common shares CP may purchase under such
program, being 1,756,791 common shares.
CP was previously granted an issuer bid exemption order by the
Ontario Securities Commission on
March 28, 2014 permitting CP to make
private agreement purchases of up to 1,300,000 of its common shares
from an arm's length third-party seller. As of today, CP purchased
1,300,000 CP common shares under that order.
Information regarding each purchase, including the number of
common shares purchased and aggregate purchase price, will be
available on the System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com and on EDGAR at www.sec.gov
following the completion of any such purchase.
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, purchases of common shares for cancellation under CP's
share repurchase program and future sources of capital. 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 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; 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.
About CP:
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 a low-cost provider
that 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 Canadian
Pacific.
SOURCE Canadian Pacific