(Source: Canadian Pacific Railway press release, April 23, 2012)
CALGARY, Alberta — The Board of Directors of Canadian Pacific Railway Limited today declared an increase in CP’s next quarterly dividend to thirty-five cents ($0.35) Canadian per share on the outstanding Common Shares, from thirty cents ($0.30) per share. The increased dividend is payable on July 30, 2012 to holders of record at the close of business on June 22, 2012, and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act.
“Canadian Pacific is committed to enhancing value for shareholders through profitable growth, execution of our operating plan, balanced investment and dividend growth ” said Kathryn McQuade, Executive Vice-President and Chief Financial Officer. ”Our Multi-Year Plan is clearly delivering record operating and service metrics with financial results and operating cash flow to fund our capital investments and increase our dividends 17 per cent.”