Rogers Agrees to Purchase 3,200,000 Class B Non-Voting Shares for Cancellation in Private Purchase
TORONTO, March 21 /CNW/ – Rogers Communications Inc. (“Rogers”)
announced today that it has agreed to purchase for cancellation
3,200,000 of its outstanding Class B Non-Voting shares (“Class B shares”), or
approximately 0.73% of the Class B shares outstanding at February 28,
2011, pursuant to a private agreement between Rogers and an
arm’s-length third party seller (the “Private Purchase”) for an
aggregate purchase price of $101,561,920, which is at a discount to the
current market price of the Class B shares. The Private Purchase was
made under an issuer bid exemption order issued by the Ontario
Securities Commission. The Class B shares purchased under the Private
Purchase will be included in calculating the number of Class B shares
that Rogers may purchase through its outstanding normal course issuer
In the twelve months preceding this purchase, Rogers has repurchased an
aggregate 33,867,506 Class B shares, of which an aggregate 16,280,000
Class B shares were repurchased pursuant to issuer bid exemption orders
issued by the Ontario Securities Commission and an aggregate 17,587,506
Class B shares were repurchased pursuant to normal course issuer bids.
Of the 33,867,506 Class B shares purchased in the twelve months
preceding this purchase, 5,800,000 were repurchased in 2011 and
28,067,506 were repurchased in 2010.
About the Company
Rogers is a diversified public Canadian communications and media
company. We are Canada’s largest provider of wireless voice and data
communications services and one of Canada’s leading providers of cable
television, high-speed Internet and telephony services. Through Rogers
Media we are engaged in radio and television broadcasting, televised
shopping, magazines and trade publications, and sports entertainment.
We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and
RCI.B) and on the New York Stock Exchange (NYSE: RCI).