Canadian Pacific Railway Limited renews share repurchase program
01 Giugno 2006 - 2:28PM
PR Newswire (US)
CALGARY, June 1 /PRNewswire-FirstCall/ -- Canadian Pacific Railway
Limited (TSX/NYSE: CP) announced today that it has made the
necessary filings to renew its normal course issuer bid to permit
the purchase for cancellation up to 3,936,000 of its outstanding
common shares, or approximately 2.5 percent of the approximately
158,321,252 common shares outstanding at May 31, 2006. CPR
currently has in place a normal course issuer bid due to expire
June 5, 2006 pursuant to which CPR purchased an aggregate of
3,325,000 common shares during the 12 months preceding the date
hereof. Share purchases may be made during the period beginning
June 6, 2006 and ending June 5, 2007. The price CPR will pay for
any common shares will be the market price at the time of purchase.
Purchases may be made through the facilities of the Toronto Stock
Exchange and the New York Stock Exchange, and will be in accordance
with the normal course issuer bid procedures under Canadian
securities laws and the policies of the Toronto Stock Exchange.
"This will enable CPR to continue the repurchase of up to 5.5
million common shares in 2006, as announced last February," said
Brian Grassby, Acting Chief Financial Officer. "We believe the
share repurchase program provides excellent value for our
shareholders and reflects our confidence in the strong fundamentals
of our business." Canadian Pacific Railway is a transcontinental
carrier operating in Canada and the U.S. Its 14,000-mile rail
network serves the principal centres of Canada, from Montreal to
Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds
directly into America's heartland from the East and West coasts.
Alliances with other carriers extend its market reach throughout
the U.S. and into Mexico. Canadian Pacific Logistics Solutions
provides logistics and supply chain expertise worldwide. Canadian
Pacific Railway is marking its 125th anniversary in 2006. For more
information, visit CPR's website at http://www.cpr.ca/. DATASOURCE:
Canadian Pacific Railway CONTACT: Media: Leslie Pidcock, Tel.:
(403) 319-6878, email: ; Investment Community: Paul Bell,
Vice-President - Investor Relations, Tel.: (403) 319-3591, email:
Copyright