Canadian Pacific launches five-for-one share split, new share repurchase program

Canadian Pacific will seek shareholder and regulatory approval for the implementation of a five-for-one share split of CP's issued and outstanding common shares. The share split is subject to the approval of shareholders at the Annual and Special Meeting of Shareholders on April 21 and to stock exchange requirements. If approved by shareholders and stock exchanges and implemented by the Board of Directors, shareholders will be entitled to four additional common shares for each common share held at a date to be approved by the Board of Directors following shareholder approval. The April 26 dividend payment will not be affected by the proposed five-for-one share split. If implemented by the Board, all subsequent dividends approved by CP's Board are expected to reflect the five-for-one share split. The TSX has accepted CP's notice to implement a normal course issuer bid to purchase, for cancellation, up to 3,331,921 common shares or approximately 2.5% of CP's common shares issued and outstanding. The NCIB is scheduled to commence on January 29, 2021 and is due to terminate on January 28, 2022. As of January 15, CP had 133,276,879 common shares issued and outstanding. In total, CP has repurchased approximately 45.3 million of its common shares since 2014.