Shaw to Redeem Cumulative Redeemable Rate Reset Class 2 Preferred Shares, Series A, and Cumulative Redeemable Floating Rate C...
May 28 2021 - 8:00AM
Shaw Communications Inc. (“Shaw” or the “Company”) announced today
that it intends to redeem all of its issued and outstanding
Cumulative Redeemable Rate Reset Class 2 Preferred Shares, Series A
(the “Series A Shares”) and Cumulative Redeemable Floating Rate
Class 2 Preferred Shares, Series B (the “Series B Shares”, and
together with the Series A Shares, the “Preferred Shares”) in
accordance with their terms (as set out in the Company’s articles)
on June 30, 2021 (the “Redemption Date”) at a price equal to $25.00
per Preferred Share (the “Redemption Price”), less any tax required
to be deducted or withheld. The aggregate Redemption Price payable
by Shaw to redeem the Preferred Shares will be $300 million.
On April 14, 2021, the Company’s Board of
Directors declared a dividend of $0.17444 per Series A Share
and $0.12956 per Series B Share, each payable on June 30, 2021 to
holders of record on June 15, 2021. These will be the final
dividends on the Preferred Shares, which will be paid separately
from the aggregate Redemption Price and in the usual manner. Upon
payment of the June 30, 2021 dividends, there will be no accrued
and unpaid dividends on the Preferred Shares as at the Redemption
Date.
The Company provided notice today to the
registered holders of the Series A Shares and Series B Shares of
its intention to redeem the Preferred Shares in accordance with
their terms as set out in the Company’s articles. Non-registered
holders of the Series A Shares and Series B Shares should contact
their broker or other intermediary for information regarding the
redemption process for the Preferred Shares. The Company’s transfer
agent for the Preferred Shares is AST Trust Company (Canada).
Questions regarding the redemption process may also be directed to
AST at 1 (800) 387-0825.
There are currently 10,012,393 Series A Shares and
1,987,607 Series B Shares issued and outstanding.
The Series A Shares and Series B Shares are
listed on the Toronto Stock Exchange (TSX) under the ticker symbols
SJR.PR.A and SJR.PR.B, respectively.
About Shaw Communications
Inc.
Shaw Communications Inc. is a leading Canadian
connectivity company. The Wireline division consists of Consumer
and Business services. Consumer serves residential customers with
broadband Internet, Shaw Go WiFi, video and digital phone. Business
provides business customers with Internet, data, WiFi, digital
phone, and video services. The Wireless division provides wireless
voice and LTE data services.
Shaw is traded on the Toronto and New York stock
exchanges and is included in the S&P/TSX 60 Index (Symbol: TSX
– SJR.B, SJR.PR.A, SJR.PR.B, NYSE – SJR, and TSXV – SJR.A). For
more information, please visit www.shaw.ca.
For further information, please contact:Shaw
Investor Relations investor.relations@sjrb.ca
Cautionary StatementThis news
release includes “forward-looking information” within the meaning
of applicable securities laws relating to, among other things, the
redemption of the Preferred Shares, including the Redemption Price
(per Preferred Share and in aggregate) and the Redemption Date and
the timing and the amount of dividend payments on the Preferred
Shares. Forward-looking information may in some cases be identified
by words such as “will”, “anticipates”, “expects”, “intends” and
similar expressions suggesting future events or future
performance.We caution that all forward-looking information is
inherently subject to change and uncertainty and that actual
results may differ materially from those expressed or implied by
the forward-looking information. A number of risks, uncertainties
and other factors could cause actual results and events to differ
materially from those expressed or implied in the forward-looking
information or could cause our current objectives, strategies and
intentions to change. Accordingly, we warn investors to exercise
caution when considering statements containing forward-looking
information and that it would be unreasonable to rely on such
statements as creating legal rights regarding our future results or
plans. We cannot guarantee that any forward-looking information
will materialize and you are cautioned not to place undue reliance
on this forward-looking information.
Any forward-looking information contained in
this news release represent expectations as of the date of this
news release and are subject to change after such date. However, we
are under no obligation (and we expressly disclaim any such
obligation) to update or alter any statements containing
forward-looking information, the factors or assumptions underlying
them, whether as a result of new information, future events or
otherwise, except as required by law. All of the forward-looking
information in this news release is qualified by the cautionary
statements herein.
Shaw Communications (NYSE:SJR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Shaw Communications (NYSE:SJR)
Historical Stock Chart
From Jul 2023 to Jul 2024