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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 117
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In December 2007, the FASB issued FASB Statement No. 141R,
Business Combinations. The statement will require all business
acquisitions to be measured at fair value, the existing definition of a
business would be expanded, pre-acquisition contingencies would
be measured at fair value, most acquisition-related costs would be
recognized as expenses as incurred, as well as other changes. The
statement is effective for the Company beginning January 1, 2009.
The Company is currently assessing the impact of this new standard
on its consolidated financial statements.
In December 2007, the FASB issued FASB Statement No. 160,
Non-controlling Interests in Financial Statements. The statement
will improve the relevance, comparability and transparency of
the financial information that a reporting entity provides in its
consolidated financial statements by establishing new accounting
and reporting standards. The statement is effective for the
Company beginning January 1, 2009. The Company is currently
assessing the impact of this new standard on its consolidated
financial statements.
(A) In January 2008, the Company applied to the Toronto Stock
Exchange (“TSX”) to make a Normal Course Issuer Bid (“NCIB”),
which was accepted by the TSX on January 10, 2008, for purchases
of its Class B Non-Voting shares through the facilities of the TSX.
The maximum number of Class B Non-Voting shares which may
be purchased pursuant to the NCIB is the lesser of 15 million,
representing approximately 3% of the number of Class B Non-
Voting shares outstanding at December 31, 2007, and that number
of Class B Non-Voting shares that can be purchased under the NCIB
for an aggregate purchase price of $300 million. The actual number
of Class B Non-Voting shares purchased, if any, and the timing of
such purchases, will be determined by the Company considering
market conditions, stock prices, its cash position and other factors.
(B) On January 7, 2008, the Board approved an increase in the
annual dividend from $0.50 to $1.00 per Class A Voting and Class B
Non-Voting share to be paid quarterly on each outstanding Class A
Voting and Class B Non-Voting share.
(C) On February 13, 2008, the Company announced that it has
entered into an agreement to acquire Aurora Cable TV Limited
(“Aurora Cable”). This transaction has not yet closed, pending CRTC
approval, which is expected in 2008. Aurora Cable provides cable
television, Internet and telephony services in the Town of Aurora
and the community of Oak Ridges, in Richmond Hill, Ontario.
27. SUBSEQUENT EVENTS: