Canadian Pacific Railway Limited Declares Dividend and Announces Intention to Increase Share Repurchases
02 Marzo 2007 - 4:19AM
PR Newswire (US)
CALGARY, March 1 /PRNewswire-FirstCall/ -- The Board of Directors
of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared
an increase in CP's next quarterly dividend to twenty-two and
one-half cents ($0.225) Canadian per share on the outstanding
Common Shares, from eighteen and three-quarter cents ($0.1875) per
share., an increase of 20 per cent. It is the fourth increase since
July 2004, when CP's quarterly dividend was twelve and
three-quarter cents ($0.1275) per share on the outstanding Common
Shares. Altogether, CP's dividend has increased 76 per cent since
July 2004. The $0.225 dividend is payable on April 30th, 2007, to
holders of record at the close of business on March 30th, 2007 and
is an eligible dividend pursuant to subsection 89(14) of the Income
Tax Act. CP also announces that its Board of Directors has
authorized the acquisition of up to 5.5 million Common shares of CP
for cancellation in 2007, and if not completed in 2007, in 2008,
through normal course issuer bid purchases. This represents
approximately 3.5 per cent of its Common Shares outstanding at
December 31, 2006. CP currently has in place a normal course issuer
bid under which it is permitted to purchase up to 3.9 million
Common Shares during the 12 month period ending June 5, 2007. CP
has substantially completed the purchase of the shares permitted
under this current authorization with the purchase of 3.4 million
shares in 2006 and the purchase of 250,000 shares in 2007. Subject
to regulatory approval, CP intends to file a notice to make a
further normal course issuer bid to enable it to purchase up to 5.5
million shares during 2007. In Fiscal 2006, CP repurchased 5.0
million of its shares for cancellation. "Canadian Pacific's
integrated operating plan and focus on execution excellence
continue to drive meaningful improvement," said Mike Lambert,
Executive Vice President and Chief Financial Officer. "The
increased dividend and continuation of the share buyback program,
reflects CP's commitment to create and deliver shareholder value."
Canadian Pacific, through the ingenuity of its employees located
across Canada and in the United States, remains committed to being
the safest, and most fluid railway in North America. Our people are
the key to delivering innovative transportation solutions to our
customers and to ensuring the safe operation of our trains through
the more than 900 communities where we operate. Our combined
ingenuity makes CPR a better place to work, rail a better way to
ship, and North America a better place to live. Come and visit us
at http://www.cpr.ca/ to see how we can put our ingenuity to work
for you. Canadian Pacific is proud to be the official rail freight
services provider for the Vancouver 2010 Olympic and Paralympic
Winter Games. DATASOURCE: Canadian Pacific Railway CONTACT: Media,
Leslie Pidcock, Tel.: (403) 319-6878, email: ; Investment
Community, Janet Weiss, Assistant Vice-President, Investor
Relations, Tel.: (403) 319-3591, email:
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