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BRENDAN WOOD REPORTS EARLY POLL OF CANADIAN PACIFIC SHAREHOLDERS 91% WANT CHANGE, 73% FAVOR PERSHING SQUARE

March 16th, 2012 by TopGun Press

BRENDAN WOOD REPORTS EARLY POLL OF CANADIAN PACIFIC SHAREHOLDERS 91% WANT CHANGE, 73% FAVOR PERSHING SQUARE

Palm Beach FL, March 16, 2012
Later today, Brendan Wood International will release the first in a series of Special Reports to Investors on shareholder confidence in Canadian Pacific Railway.
Based upon debriefs with shareholders who speak for about 1/3 of CP Shares and a broad cross section of the base, the poll results confirm a low level of confidence amongst CP shareowners and an openness to Pershing’s proposed board changes. The polling figures are part of The Brendan Wood Shareholder Confidence Index which monitors confidence in 2,000 public companies worldwide. The confidence index evaluates 11 factors which drive investors’ ownership commitments as well as voting intentions in the case of companies facing change. Canadian Pacific has been placed near the bottom of Brendan Wood’s Worldwide Transportation Index for some time. The key influences on CP’s results are investor views of CP’s Strategy and Senior Management. The results represent the mindset of shareholders at time of debriefing. The polls predict change due to shareowner sell offs, profit taking, the maturing campaigns of aspiring and defending board members, shifting investor attitudes and possibly by the entry of a rival third party investor(s) among other factors.

The upcoming Brendan Wood Reports will focus on key issues in the campaign which drive shareholder confidence and resultant shifts in the polls. “We see this as a story of significance to our panel of investors throughout the world, it’s importance outreaches Canada and the Transportation Index and speaks to the future boards of directors universally”, said Chairman Brendan Wood.
“I feel for Mr. Cleghorn, his board and Mr. Green in particular. They are exceptional professionals, simply the first to experience the end of a culture of privacy, if not invisibility of boards. What we call the ‘age of full disclosure’ makes the longstanding traditions of board aloofness totally untenable. Investors take governance for granted, see it as ritual. Today’s investors want TopGun Strategy and TopGun Management. They look for hard driving boards who take full responsibility, know the business and want to compete” added Wood.

Shareholder reaction to a more animated response from CP’s board, including the appearance of two CP directors on the campaign trail this week, is being monitored for effect. “It is great to see CP directors interacting with the shareholders who elect them. John Cleghorn and the board will get investor attention and respect for campaigning hard. The challenge for Mr. Cleghorn and his team is to take hold of the issues, convince shareholders that they are not fighting the tape” said Stewart Borden, Managing Partner of Brendan Wood Canada. “We feel that the next round of issues will include shareholder perception of the loyalty of both groups, opinion of Mr. Harrison, executive compensation, who’s got real skin in the game and a host of newer concerns which attach to CP stock in the $70’s as opposed to the $40’s. The Brendan Wood team will be reporting for the duration”, added Borden.

Contact:
Stewart Borden, Partner, Brendan Wood International
stewartb@brendanwood.com
+1-416-924-8110

Henry S. Brenzel, Panel Manager, Brendan Wood International
hbrenzel@brendanwood.com
+1-416-924-8110

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