CALGARY, Feb. 19 /PRNewswire-FirstCall/ -- The Board of Directors of Canadian Pacific Railway Limited (TSX/NYSE: CP) today declared an increase of 10 per cent in CP's next quarterly dividend to twenty-four and three quarter cents ($0.2475) Canadian per share on the outstanding Common Shares, from twenty-two and one half cents ($0.225) per share.
"The dividend increase continues CP's trend of dividend growth which reflects our ability to deliver on our financial targets," said Mike Lambert, Executive Vice President and Chief Financial Officer. "CP is confident in the strength of our franchise, the outlook for our customers, and the solid fundamentals of the rail industry."
The $0.2475 dividend is payable on April 28th, 2008, to holders of record at the close of business on March 28th, 2008 and is an eligible dividend pursuant to subsection 89(14) of the Canadian Income Tax Act.
Canadian Pacific, through the ingenuity of its employees located across Canada and in the United States, remains committed to being the safest, most fluid railway in North America. Our people are the key to delivering innovative transportation solutions to our customers and to ensuring the safe operation of our trains through the more than 900 communities where we operate. Our combined ingenuity makes CP a better place to work, rail a better way to ship, and North America a better place to live. Come and visit us at http://www.cpr.ca/ to see how we can put our ingenuity to work for you. Canadian Pacific is proud to be the official rail freight services provider for the Vancouver 2010 Olympic and Paralympic Winter Games.
