Rogers Communications Announces TSX Acceptance of Normal Course Issuer Bid per Announcement of February 14, 2013
Rogers Communications Announces TSX Acceptance of Normal Course Issuer Bid per
Announcement of February 14, 2013
PR Newswire
TORONTO, Feb. 21, 2013
TORONTO, Feb. 21, 2013 /PRNewswire/ - 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 Voting shares.
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 visit rogers.com.
SOURCE Rogers Communications Inc.
Contact:
Bruce M. Mann, (416) 935-3532, bruce.mann@rci.rogers.com;
Dan R. Coombes, (416) 935-3550, dan.coombes@rci.rogers.com
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