TORONTO, April 19, 2018 /PRNewswire/ - Rogers
Communications Inc. ("Rogers") announced today that the Toronto
Stock Exchange ("TSX") has accepted a notice filed by Rogers of its
intention to commence a normal course issuer bid ("NCIB") for its
Class B Non-Voting shares ("Class B shares").
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.
Under the NCIB, Rogers may, during the twelve month period
commencing April 24, 2018 and ending
April 23, 2019, purchase on the TSX,
the New York Stock Exchange and/or alternative trading systems the
lesser of 35,824,925 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 April 18, 2018
there were 402,405,483 Class B shares issued and outstanding and
the public float consisted of 358,249,255 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.
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
215,601 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).
About Rogers:
Rogers is a leading diversified Canadian communications and
media company that's working to deliver a great experience to our
customers every day. We are Canada's largest provider of wireless
communications services and one of Canada's leading providers of cable
television, high-speed Internet, information technology, and
telephony services to consumers and businesses. Through Rogers
Media, we are engaged in radio and television broadcasting, sports,
televised and online shopping, magazines, and digital media. Our
shares are publicly traded on the Toronto Stock Exchange (TSX:
RCI.A and RCI.B) and on the New York Stock Exchange (NYSE:
RCI).
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SOURCE Rogers Communications Canada Inc. - English
