Canadian Pacific Railway Limited files Notice of Intention to purchase certain of its common shares in Quebec
24 Marzo 2007 - 12:59AM
PR Newswire (US)
CALGARY, March 23 /PRNewswire-FirstCall/ -- Canadian Pacific
Railway Limited (TSX/NYSE: CP) announced today that it filed a
Notice of Intention to make an exempt issuer bid with the Autorite
des marches financiers in the Province of Quebec to purchase for
cancellation up to 275,000 of its outstanding common shares (the
"Bid"), or approximately 0.18% percent of the 155,534,263 common
shares outstanding at March 15, 2007. CPR intends to purchase these
shares pursuant to a private agreement between CPR and an
arms-length third party seller located in the Province of Quebec.
The Bid will commence on March 29, 2007 and will terminate on March
28, 2008 or on such earlier date as CPR completes its purchases
pursuant to the Bid or provides notice of termination of the Bid.
The price that CPR will pay for any shares purchased by it pursuant
to the Bid will be negotiated by CPR and the seller, provided that
in no circumstances will the price paid for the shares be greater
than the market price of CPR's common shares on the Toronto Stock
Exchange on the date of the agreement. CPR presently intends to
fund the purchase of the shares from its working capital. Payment
for the shares purchased pursuant to the Bid will be made by CPR at
the time of delivery of the share certificate(s) representing such
purchased shares. The purpose and business reason for purchases
made pursuant to the Bid is that CPR believes that purchasing
certain of its common shares from the seller at a price below the
market price of its common shares is an attractive and appropriate
use of corporate funds. None of the directors or senior officers of
CPR, nor any associates or affiliates thereof or of CPR, nor any
person holding 10% or more of any class of equity securities of
CPR, nor any associates thereof are eligible to sell common shares
pursuant to the Bid since CPR intends to purchase common shares
pursuant to the Bid only from the seller. About CPR 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 CP 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, e-mail: ; Investment
Community, Janet Weiss, Assistant Vice-President Investor
Relations, Tel.: (403) 319-3591, e-mail:
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