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Canadian Pacific Railway Ltd (CP): Bill Ackman Has No Plans to Sell Shares

Bill Ackman‘s Pershing Square has filed a Form 13D with the SEC, issuing an update on its position in Canadian Pacific Railway Limited (USA) (NYSE:CP), one of the billionaire investor’s top picks at the end of 2015. The filing shows that Ackman’s fund maintains the same 13.94 million-share position that it did at the end of Decmeber, and that the filing was issued to disclose an update to Item 4 of the filing, which further asserts that Pershing Square has no plans to sell shares at this time:

“On March 1, 2016, the Issuer filed base shelf prospectuses permitting it to sell Common Shares and other specified securities (and permitting the
Reporting Persons to sell Common Shares) from time to time by way of prospectus offerings. The Reporting Persons have no current plan to sell Common Shares, but they reserve the right to do so or to take such other actions with respect to their investments in the Issuer as they deem appropriate, as further elaborated in the Original 13D.”

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 13,940,890 0 13,940,890 13,940,890 9.1%
PS Management GP 0 13,940,890 0 13,940,890 13,940,890 9.1%
William A. Ackman 0 13,940,890 0 13,940,890 13,940,890 9.1%
Bill Ackman
Bill Ackman
Pershing Square

Page 1 of 7 SEC Filing


Washington, D.C. 20549




(Rule 13d-101)



PURSUANT TO § 240.13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 14)*



Pacific Railway Limited

(Name of Issuer)

Common Shares

(Title of
Class of Securities)


(CUSIP Number)


Steve Milankov

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

(212) 813-3700

with a
copy to:

Alan Sinsheimer

Sullivan & Cromwell LLP

125 Broad Street

York, New York 10004

(212) 558-4000

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

February 29, 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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