OREANDA-NEWS. Canadian Pacific Railway Limited announces that it intends to purchase for cancellation up to 1,300,000 of its common shares pursuant to private agreements to be entered into between CP and an arm's length third party seller.

Purchases will be made in accordance with an issuer bid exemption order issued by the Ontario Securities Commission on March 28, 2014 ("Order"), and pursuant to the Order, may be made in several transactions prior to March 16, 2015. The price CP will pay for the common shares purchased by way of the private agreements will be at a discount to the prevailing market price of CP common shares on the Toronto Stock Exchange at the time of purchase.  

Purchases will be counted towards CP's share purchase program announced on March 11, 2014 for up to 5,270,374 shares and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under such program, being 1,756,791 common shares.

CP also announces today that in connection with its previously announced share repurchase program, it will enter into an automatic purchase plan ("Plan") with its designated broker to allow for purchases of its common shares during internal quarterly blackout periods when CP would not be permitted to trade in its shares. Such purchases would be at the sole discretion of the broker based on parameters established by CP prior to any blackout period. Outside of these periods, CP common shares will be repurchased in accordance with management's discretion, subject to applicable law. The Plan has been reviewed by the Toronto Stock Exchange and will terminate on the earlier of the termination of the Plan by the Company or its broker in accordance with its terms or the expiry of the normal course issuer bid on March 16, 2015.  The Plan will be implemented by April 2, 2014.