CALGARY, May 29, 2015 /CNW/ - Canadian Pacific
Railway Limited (TSX:CP) (NYSE:CP) announced today that it intends
to purchase for cancellation up to 1,425,000 of its common shares
pursuant to private agreements to be entered into between CP and
arm'slength thirdparty sellers.
Purchases will be made in accordance with two issuer bid
exemption orders issued by the Ontario Securities Commission
("OSC") each dated May 29, 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