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Canadian Pacific Railway Ltd (CP): Bill Ackman Unloads 4.10 Mln Shares

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Billionaire Bill Ackman‘s Pershing Square has  cut its exposure to Canadian Pacific Railway Ltd (NYSE:CP), according to a recent filings with the US Securities and Exchange Commission. In a Form 4 filing, Pershing Square reported the sale of 4.10 million shares of Canadian Pacific at an average price of $148.25. Following the sale, Pershing Square owns 9.84 million shares of Canadian Pacific, which represent 6.40% of the company’s outstanding stock as revealed in a 13D filing.

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Canadian Pacific Railway Ltd (NYSE:CP)’s stock has lost over 20% in the last 52 weeks, as a drop in commodity prices reduced shipping volumes. However, the company has recently posted strong results for the first quarter, with adjusted EPS amounting to CAD 2.50 per share ($1.97), higher than the estimates of CAD 2.40 per share, while its revenue of CAD 1.59 billion was down by 4% on the year and below the estimates of CAD 1.61 billion. The company has recently abandoned plans to pursue the acquisition of Norfolk Southern and announced plans to return more capital to shareholders. More specifically, Canadian Pacific Railway Ltd (NYSE:CP) has raised the dividend by 43% to $0.50 per quarter and said it is going to buy back up to 6.91 million shares of its stock.

Aside from Ackman, who in 2012 managed to replace Canadian Pacific Railway Ltd (NYSE:CP)’s board, top management and succeeded in changing the company’s course, other investors bullish on the stock include Andreas Halvorsen’s Viking Global, Daniel S. Och’s OZ Management and John Griffin’s Blue Ridge Capital.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Pershing Square Capital Management 0 9,840,890 0 9,840,890 9,840,890 6.4%
PS Management GP 0 9,840,890 0 9,840,890 9,840,890 6.4%
William A. Ackman 0 9,840,890 0 9,840,890 9,840,890 6.4%
Bill Ackman
Bill Ackman
Pershing Square

Page 1 of 7 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO § 240.13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 15)*

 

 

Canadian
Pacific Railway Limited

(Name of Issuer)

Common Shares

(Title of
Class of Securities)

13645T100

(CUSIP Number)

Stephen
Fraidin, Esq.

Steve Milankov, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

(212) 813-3700

with
a copy to:

Alan J. Sinsheimer, Esq.

Sullivan & Cromwell LLP

125 Broad Street

New
York, New York 10004

(212) 558-4000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 22, 2016

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
§ 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).

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