Announces Intention to Renew Normal Course Issuer Bid to
Purchase Class B Shares
TORONTO,
Feb. 14, 2013 /CNW/ - Rogers
Communications Inc. ("Rogers") announced today that it has filed
with the Toronto Stock Exchange ("TSX") a notice of its
intention to renew its 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 their proportionate equity
interest in Rogers.
Subject to acceptance by the TSX, 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 New York Stock Exchange and/or alternative trading systems
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 NCIB is proposed to be made for Rogers'
Class A Voting shares.
In 2012, Rogers acquired approximately 9.6
million Class B shares at an average price of approximately
$36.31 per share under its previous
NCIB which will expire 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.