CALGARY, Feb. 23, 2015 /PRNewswire/ - Canadian
Pacific (TSX: CP) (NYSE: CP) today announced that it intends to
renew its normal course issuer bid (NCIB) commencing March 17, 2015, subject to the approval of the
Toronto Stock Exchange (TSX). CP's board of directors has
authorized the repurchase of up to 9.14 million of its common
shares, for cancellation, representing approximately 6 percent of
CP's "public float" of common shares as at February 20, 2015.
"This new share repurchase program demonstrates CP's continued
confidence in the long-term prospects of the company and
underscores our commitment to enhancing total shareholder return,"
said CP CEO E. Hunter Harrison. "Our
strong balance sheet and cash flow position enables us to return
cash to shareholders while continuing to pursue our business
strategy and invest in the franchise."
CP is permitted to purchase up to 12,650,862 common shares
during the 12 month period ending March 16,
2015 under its current program. CP has substantially
completed the purchase of such shares, with 12,192,437 million
shares purchased at a weighted average price of $202.62 as of February 20,
2015. CP expects it will complete purchases under its
current NCIB prior to the expiry of the program on March 16th.
The actual number of common shares that will be repurchased, and
the timing of any such purchases, will be determined by CP, subject
to the limits imposed by the TSX. There cannot be any assurances as
to how many common shares will ultimately be acquired by CP.
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 CP's current and proposed
NCIB. This forward-looking information 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 Canadian Pacific
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 Canadian Pacific.
SOURCE Canadian Pacific