TORONTO, Feb. 21, 2013 /CNW/ – Rogers Communications Inc. (“Rogers”)
announced today that the Toronto Stock Exchange (“TSX”) has accepted a
notice filed by Rogers of its intention to renew its prior normal
course issuer bid (“NCIB”) for its Class B Non-Voting shares (“Class B
shares”) for a further one-year period.
As previously announced on February 14, 2013, the Board of Directors of
Rogers has authorized such share repurchases because it believes that,
at certain times, the purchase of Class B shares may represent an
appropriate and desirable use of Rogers’ available funds when, if in
the opinion of management, the value of the Class B shares exceeds the
trading price of such shares. Such purchases would provide additional
liquidity to shareholders and benefit the remaining shareholders by
increasing their proportionate equity interest in Rogers.
The TSX notice provides that Rogers may, during the twelve month period
commencing February 25, 2013 and ending February 24, 2014, purchase on
the TSX the lesser of 35.8 million Class B shares, representing
approximately 10% of the public float of the Class B shares, and that
number of Class B shares that can be purchased under the NCIB for an
aggregate purchase price of $500 million. The actual number of Class B shares purchased, if any, and the timing
of such purchases will be determined by Rogers, considering market
conditions, stock prices, its cash position, and other factors. As at
February 11, 2013 there were approximately 402.8 million Class B shares
issued and outstanding and the public float consisted of approximately
358.2 million Class B shares.
There cannot be any assurances as to how many shares, if any, will
ultimately be acquired by Rogers under the NCIB, and Rogers intends
that any shares acquired pursuant to the NCIB will be cancelled. No
Normal Course Issuer Bid is proposed to be made for Rogers’ Class A
Any purchases made pursuant to the NCIB will be effected through the
facilities of the TSX, the New York Stock Exchange (“NYSE”) and/or
alternative trading systems in accordance with the rules of the TSX and
will be made at the market price of the Class B shares at the time of
the acquisition. Rogers will make no purchases under the NCIB of Class
B shares other than open market purchases which may be made during the
period that the NCIB is outstanding. Rogers may, from time to time,
purchase Class B shares outside the facilities of the TSX and the NYSE
pursuant to exemption orders. When such a purchase is made, if and as
required, Rogers will issue a press release regarding the details of
that purchase. Subject to any block purchases made in accordance with
the rules of the TSX, Rogers will be subject to a daily repurchase
restriction of 279,537 Class B shares. Any purchases made by way of private purchases under an
issuer bid exemption order issued by a securities regulatory authority
will generally be at a discount to the prevailing market price as
provided in the exemption order(s).
Rogers acquired approximately 9.6 million Class B shares at an average
price of approximately $36.32 per share under its previous NCIB which
expired on February 23, 2013.
About the Company:
Rogers Communications is a diversified public Canadian communications
and media company. We are Canada’s largest provider of wireless
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, sports entertainment, and
digital media. We are publicly traded on the Toronto Stock Exchange
(TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
For further information about the Rogers group of companies, please
SOURCE: Rogers Communications Inc.