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Canadian Pacific Ltd. July 30 confirmed that the company will hold a special shareholders meeting Sept. 26 at 9:30 a.m. at The Fairmont Palliser in Calgary, Alberta, to seek approval for its reorganization plan.
Under the reorganization, CP would distribute its 86 percent PanCanadian Petroleum Ltd. investment and 100 percent interest in Canadian Pacific Railway, CP Ships and Fording to holders of CP’s common shares. Canadian Pacific Hotels & Resorts would remain CP’s only controlled business.
CP plans to mail proxy material to shareholders in mid-August.
Shortly after the shareholder meeting, CP plans to submit a final application to Court of Queen's Bench of Alberta seeking approval to implement its plan of arrangement — subject to a favorable Canadian tax ruling and certain other conditions.
If approved, the plan would provide CP common stockholders the following share distribution for each common share held: 0.684 of a common share in PanCanadian; 0.166, Fording; 0.50, CPR; 0.25, CP Ships; and 0.25, Fairmont Hotels & Resorts Inc., which would hold Canadian Pacific Hotels & Resorts.