Calgary Alberta - Canadian Pacific (CP) today announced that it intends to seek Toronto Stock Exchange (TSX) acceptance of a new normal course issuer bid.
 
Subject to TSX acceptance, CP's Board of Directors has authorized the repurchase of up to approximately 5.68 million of its common shares, for cancellation, representing approximately 4 percent of CP's public float of common shares as at 11 Oct 2018.
 
"With the new share repurchase program, we are renewing our commitment to return cash to shareholders in a disciplined, opportunistic manner," said CP's President and CEO Keith Creel.
 
"We have established a solid foundation to build on, and we believe that the long-term outlook for CP remains strong as we continue to pursue sustainable, profitable, growth."
 
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.
 
In total, CP has repurchased 35.32 million of its common shares since 2014.
 
This represents approximately 25 percent of its public float, as at 31 Mar 2018.
 
Author unknown.