Rogers Communications (RCI) Increasing Share Buyback Program and Setting Target Leverage Range
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Rogers Communications Inc. (NYSE: RCI) announced that the Toronto Stock Exchange ("TSX") has accepted a notice filed by Rogers of its intention to amend upwards its current normal course issuer bid ("NCIB") for its Class B Non-Voting shares ("Class B shares") to repurchase additional shares.
The Board of Directors of Rogers has and may continue to authorize 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 may benefit the remaining shareholders by increasing the value of their equity interest in Rogers.
The amended TSX notice provides that Rogers may, during the twelve month period commencing February 20, 2009 and ending February 19, 2010, purchase on the TSX the lesser of 48 million Class B shares, which represents approximately 10% of the public float, and that number of Class B shares that can be purchased under the NCIB for an aggregate purchase price of $1.5 billion. 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 May 15, 2009 there were approximately 519.554 million Class B shares issued and outstanding.
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