CALGARY, July 31, 2015 /CNW/ - 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
