1 March 2006
Canadian Pacific Railway Limited Amends Normal Course Issuer Bid
Canadian Pacific Railway Limited
has completed the necessary filings to increase the number of common shares
that it may purchase under its existing normal course issuer bid. The increase
allows CPR to purchase up to 3,325,000 of its common shares during the
12 month period ending 5 Jun 2006. This represents approximately 2.1% of the
common shares outstanding on 25 May 2005, the date of CPR's original notice
of its intention to make normal course issuer bid purchases. CPR purchased
1,761,000 shares under the existing bid in 2005.
As previously announced on 21 Feb 2006, CPR's Board of Directors
has authorized CPR to purchase up to 5.5 million of its outstanding common
shares in 2006 through normal course issuer bid purchases. This represents
approximately 3.5% of its common shares outstanding at 31 Dec 2005. The
amendment to the existing bid enables CPR to purchase a portion of those
shares during the period covered by the existing bid. Subject to regulatory
approval, CPR intends to renew the bid at the time of its scheduled expiry to
enable it to purchase the balance of the 5.5 million shares during 2006.
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