Rogers 2005 Annual Report Download - page 149

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145 ROGERS 2005 ANNUAL REPORT . NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In June 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections, a replacement of APB
Opinion No. 20, Accounting Changes, and FASB Statement No. 3, Reporting Accounting Changes in Interim Financial
Statements (“SFAS 154”). The Statement applies to all voluntary changes in accounting principle, and changes the
requirements for accounting for and reporting of a change in accounting principle. SFAS 154 requires retrospective
application to prior periods’ financial statements of a voluntary change in accounting principle unless it is impracticable.
SFAS 154 requires that a change in method of depreciation, amortization, or depletion for long-lived, non-financial
assets be accounted for as a change in accounting estimate that is affected by a change in accounting principle. Opinion
20 previously required that such a change be reported as a change in accounting principle. SFAS 154 is effective for
accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. The Company is
currently evaluating the impact of the new standard.
Note 24. Subsequent events:
On January 3, 2006, the Company redeemed all of Telecom’s remaining 10.625% Senior Secured Notes due 2008. The total
redemption amount was US$23.2 million including a redemption premium of US$1.2 million.
On January 4, 2006, the Company completed the acquisition of certain real estate assets in Brampton, Ontario,
Canada for $96.3 million in cash, net of adjustments, and including taxes and title insurance. The total purchase price for
the acquisition was $99.3 million including a $3.0 million deposit made in 2005.
On January 6, 2006 the Company paid a semi-annual dividend of $23.5 million to the shareholders of record on
December 28, 2005.
Upon maturity on February 14, 2006, the Company redeemed its $75.0 million Senior Notes.