Shaw Renews Normal Course Issuer Bid
December 05 2012 - 4:52PM
Marketwired
Shaw Communications Inc. (TSX:SJR.B) (NYSE:SJR) ("Shaw") announced
today that it has received approval from the Toronto Stock Exchange
("TSX") to renew its normal course issuer bid to purchase its Class
B Non-Voting Participating Shares through the facilities of the TSX
for a further one year period. Shaw's renewed normal course issuer
bid will expire on December 6, 2013, in accordance with the rules
of the TSX.
As approved by the TSX, during the period from December 7, 2012
to December 6, 2013, Shaw is authorized to acquire up to 20,000,000
Class B Non-Voting Shares, representing approximately 5% of the
public float of Class B Non-Voting Shares. A total of 422,960,209
Class B Non-Voting Shares of Shaw were issued and outstanding as at
November 30, 2012.
Shaw continues to believe that under the right circumstances
purchasing of Class B Non-Voting Shares constitutes a desirable use
of its free cash flow in the best interests of Shaw and its
shareholders and may enhance the value of Class B Non-Voting
Participating Shares.
For purposes of the TSX normal course issuer bid rules, Shaw's
average daily trading volume ("ADTV") for the past six months is
804,238 Class B Non-Voting Shares. As a result, a maximum of
201,060 Class B Non-Voting Shares (being 25% of the ADTV) may be
purchased by Shaw on any one day under the renewed bid, except
where purchases are made in accordance with the "block purchase
exception" of the TSX rules.
The bid does not apply to the Class A Participating Shares of
Shaw.
Shaw did not purchase any shares under its previously approved
issuer bid, during the 12 month period commencing December 1,
2011.
About Shaw Communications Inc.
Shaw Communications Inc. is a diversified communications and
media company, providing consumers with broadband cable television,
High-Speed Internet, Home Phone, telecommunications services
(through Shaw Business), satellite direct-to-home services (through
Shaw Direct) and engaging programming content (through Shaw Media).
Shaw serves 3.4 million customers, through a reliable and extensive
fibre network. Shaw Media operates one of the largest conventional
television networks in Canada, Global Television, and 18 specialty
networks including HGTV Canada, Food Network Canada, HISTORY and
Showcase. Shaw is traded on the Toronto and New York stock
exchanges and is included in the S&P/TSX 60 Index (TSX:SJR.B)
(NYSE:SJR). For more information about Shaw, please visit
www.shaw.ca.
Contacts: Shaw Communications Inc. Investor
Relationsinvestor.relations@sjrb.ca www.shaw.ca
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