TORONTO, Feb. 18 /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 stated, 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 the value of their equity interest in Rogers.
The TSX notice provides that Rogers may, during the twelve month period
commencing February 20, 2009 and ending February 19, 2010, purchase on the TSX
the lesser of 15 million Class B shares, representing approximately 2.9% of
the issued and outstanding Class B shares, and that number of Class B shares
that can be purchased under the NCIB for an aggregate purchase price of $300
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 15, 2009
there were approximately 523.4 million Class B shares issued and outstanding.
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 Voting shares.
Any purchases made pursuant to the NCIB will be made 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. Subject to any block purchases
made in accordance with the rules of the TSX, Rogers will be subject to a
daily repurchase restriction of 1.05 million Class B shares through March 31,
2009 and 0.53 million Class B shares thereafter.
Rogers acquired 77,400 Class B shares at an average price of
approximately $36.96 per share under its previous NCIB which expired on
January 13, 2009, and acquired 4,000,000 Class B shares during the same period
pursuant to exemption orders at an average price of approximately $33.43 per
share.
About the Company:
Rogers Communications is a diversified Canadian communications and media
company. We are engaged in wireless voice and data communications services
through Wireless, Canada's largest wireless provider and the operator of the
country's only national GSM and HSPA based networks. Through Cable we are one
of Canada's largest providers of cable television, high-speed Internet access
and telephony. Through 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). For further
information about the Rogers group of companies, please visit www.rogers.com.