Rogers Communications announces TSX acceptance of normal course issuer bid
Rogers Communications announced that the Toronto Stock Exchange has accepted a notice filed by Rogers of its intention to commence a normal course issuer bid for its Class B Non-Voting 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.