CP Rail increases potential size of share buyback to 11.9M shares or 8% of float

 

CALGARY – Canadian Pacific Railway Ltd. (TSX:CP) is increasing the maximum number of shares it my purchase for cancellation to more than 11.9 million or eight per cent of its public float.

Under the original normal course issuer bid approved by the Toronto Stock Exchange and announced in March, the railway planned to repurchase up to 9.14 million shares or six per cent of its float.

So far under the bid, which began March 18 and ends March 17, 2016, the company has repurchased almost 8.9 million common shares or about 5.9 per cent of the float.

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