It's official: Today, Canadian Pacific Ltd. split into five independent publicly traded companies.
CP plans to distribute common share certificates in the new companies to CP common shareholders soon after the Oct. 5 record date. Preferred CP shareholders soon will receive $26 per share plus accrued and unpaid dividends up to, but not including, Oct. 1.
CP common and preferred shares will cease trading on the Toronto and New York stock exchanges at close of business Oct. 2; when-issued trading of Canadian Pacific Railway, CP Ships Ltd., PanCanadian Energy Corp., Fording Inc. and Fairmont Hotels & Resorts Inc. also will cease Oct. 2., with settlement expected Oct. 9.
At market opening Oct. 3, both exchanges expect to begin regular share trading in the five companies.
Source: Progressive Railroading Daily News
