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Rogers Communications Inc authorizes repurchase of up to $500 mln of stock; increases and declares dividend


Wednesday, 12 Feb 2014 06:55am EST 

Rogers Communications Inc:Intends to file with the Toronto Stock Exchange a notice of its intention to renew its prior normal course issuer bid for its Class B Non-Voting shares for a further one-year period.Says its Board has authorized such share repurchases because it believes that, at certain times, the purchase of Rogers' Class B shares may represent an appropriate and desirable use of Rogers' available funds when, 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.Says during the 12 month period commencing Feb 25 to Feb 24, 2015, purchase on the TSX, the NYSE and/or alternative trading systems the lesser of 35,780,234 Class B shares, about 10 pct of the public float of the Class B shares.Says the number of Class B shares can be purchased under the NCIB for an aggregate purchase price of $500 mln.Says Board has approved a 5 pct increase to the annualized dividend rate from $1.74 to $1.83 per Class A Voting and Class B Non-Voting share. Effective immediately, the new quarterly dividend rate will be 45.75 cents per share.Following the approval, Board declared a 45.75 cent quarterly dividend on each of its outstanding Class A Voting shares and Class B Non-Voting shares.The quarterly dividend is to be paid on Apr 4 to shareholders of record on Mar 14. 

Company Quote

39.24
-0.28 -0.71%
11 Jul 2014