CALGARY,
July 31, 2015 /PRNewswire/ - Canadian
Pacific Railway Limited (TSX:CP) (NYSE:CP) announced today that it
intends to purchase for cancellation up to 736,625 of its common
shares pursuant to private agreements to be entered into between CP
and two arm's‐length third‐party sellers.
Purchases will be made in accordance with two
issuer bid exemption orders issued by the Ontario Securities
Commission ("OSC") each dated July 31,
2015 (the "Orders"), and pursuant to the Orders, may be made
in several transactions prior to March 17,
2016. The price CP will pay for its common shares purchased
by way of 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 made by CP will be counted towards
CP's normal course issuer bid announced on March 16, 2015 for up to 9,140,000 CP common
shares (the "Bid") and will not exceed, in aggregate, one third of
the maximum number of common shares CP may purchase under the Bid,
being 3,046,667 common shares.
The actual number of CP common shares that will
be repurchased under the Bid, by way of any private agreements or
otherwise, and the timing of any such purchases, will be determined
by CP. There cannot be any assurances as to how many common shares
will ultimately be acquired by CP under the Bid.
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: the key assumptions identified
above; 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