Calgary Alberta - Canadian Pacific today announced that it intends to renew its normal course issuer bid (NCIB) commencing 17 Mar 2015, subject to the approval of the Toronto Stock Exchange (TSX).
 
CP's board of directors has authorized the repurchase of up to 9.14 million of its common shares, for cancellation, representing approximately 6 percent of CP's "public float" of common shares as at 20 Feb 2015.
 
"This new share repurchase program demonstrates CP's continued confidence in the long-term prospects of the company and underscores our commitment to enhancing total shareholder return," said CP CEO E. Hunter Harrison.
 
"Our strong balance sheet and cash flow position enables us to return cash to shareholders while continuing to pursue our business strategy and invest in the franchise."
 
CP is permitted to purchase up to 12,650,862 common shares during the 12 month period ending 16 Mar 2015 under its current program.
 
CP has substantially completed the purchase of such shares, with 12,192,437 million shares purchased at a weighted average price of $202.62 as of 20 Feb 2015.
 
CP expects it will complete purchases under its current NCIB prior to the expiry of the program on 16 Mar 2015.
 
The actual number of common shares that will be repurchased, 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 will ultimately be acquired by CP.

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