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A Canadian Pacific Railway Limited common share - Date? Photographer? *1.
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17 December 2019
CP Announces TSX Acceptance of New Share Repurchase Program

Toronto Ontario - Canadian Pacific (CP) today announced that the Toronto Stock Exchange ("TSX") has accepted its notice to implement a Normal Course Issuer Bid (NCIB) to purchase, for cancellation, up to 4,800,862 common shares or approximately 3.5 percent of CP's common shares issued and outstanding as at 9 Dec 2019.
 
The NCIB is scheduled to commence on 20 Dec 2019 and is due to terminate on 19 Dec 2020.
 
"This new share buy back program reinforces our confidence in the continued growth prospects of the company. CP's strong cash flow generation enables us to return cash to shareholders in a disciplined, opportunistic manner," said CP President and CEO Keith Creel.
 
Purchases of CP common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange ("NYSE"), and alternative trading systems by means of open market transactions, or by such other means as may be permitted by the TSX and under applicable securities laws, including private agreements or share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities.
 
The price CP will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the TSX.
 
Any purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.
 
In connection with the NCIB, CP will enter into an automatic purchase plan ("Plan") with its designated broker to allow for purchases of its common shares during internal quarterly blackout periods.
 
Such purchases would be at the discretion of the broker based on parameters established by CP prior to any blackout period.
 
Outside of these periods, common shares will be purchased in accordance with management's discretion, subject to applicable law.
 
The Plan has been reviewed by the TSX and may be terminated by CP, or its broker in accordance with its terms, or will terminate on the expiry of the NCIB.
 
As of 9 Dec 2019 CP had 137,167,501 common shares issued and outstanding.
 
CP will not acquire through the facilities of the TSX more than 70,416 common shares during a trading day, being 25 percent of the average daily trading volume of CP common shares on the TSX for the six calendar months prior to the date of approval of the bid by the TSX, and in addition, will not acquire per day on the NYSE more than 25 percent of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to, in both cases, certain exceptions for block purchases.
 
The actual number of common shares that will be repurchased under the NCIB, and the timing of any such purchases, will be determined by CP, subject to the limits imposed by the TSX.
 
There cannot be any assurances as to how many common shares, if any, will ultimately be acquired by CP.
 
CP believes that the purchase of its shares from time to time is an appropriate and advantageous use of its funds.
 
CP purchased 5,682,940 of its common shares at a weighted average price of $283 under its previous normal course issuer bid, which expired on 23 Oct 2019.
 
In total, CP has repurchased approximately 41 million of its common shares since 2014.
 
This represents nearly 30 percent of its public float, as at 30 Sep 2019.
 
Author unknown.

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