CALGARY— Canadian Pacific Limited (CPL) has received an interim order from the Court of Queens Bench of Alberta authorizing it to hold a special meeting of common and preferred shareholders to consider and vote upon its proposed reorganization, designed to maximize shareholder value. CPL currently plans to mail proxy material to its shareholders in mid-August with the special meeting of shareholders to be held on or about September 26, 2001. As part of its plan, CPL intends to provide its preferred shareholders three separate options: to receive $26 per share (plus accrued but unpaid dividends) for their preferred shares; to receive identical preferred shares of a special purpose corporation holding sufficient Government of Canada securities to fund ongoing dividends and a potential redemption in 2004; or to retain their existing preferred shares in CPL post spin-off. There are 8.8 million preferred shares outstanding.
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