Summary
Canadian Pacific Kansas City Ltd. (CP) filed an 8-K on February 15, 2018, primarily detailing the execution of a share repurchase program. The company announced on February 14, 2018, that it would acquire common shares from a third-party seller. This specific repurchase is part of CP's ongoing Normal Course Issuer Bid (NCIB), which was initially announced on May 10, 2017, and allows for the repurchase of up to 4,384,062 common shares. The press release announcing this transaction is attached as an exhibit to the filing.
Key Highlights
- 1CP announced a share repurchase from a third-party seller on February 14, 2018.
- 2This repurchase is part of the company's existing Normal Course Issuer Bid (NCIB).
- 3The NCIB, announced on May 10, 2017, permits the repurchase of up to 4,384,062 common shares.
- 4The filing includes a press release dated February 14, 2018, as Exhibit 99.1, which contains further details on the share repurchase.
- 5This action is a continuation of CP's capital return strategy to shareholders.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce Canadian Pacific Kansas City Ltd.'s (CP) intention to repurchase common shares from a third-party seller as part of its ongoing share repurchase program.
No, this is not a new program. The repurchase announced on February 14, 2018, is part of CP's previously announced Normal Course Issuer Bid (NCIB) from May 10, 2017.
Under the Normal Course Issuer Bid announced on May 10, 2017, CP is authorized to repurchase up to 4,384,062 common shares.
More information can be found in the press release dated February 14, 2018, which is attached as Exhibit 99.1 to this 8-K filing.