Rogers 2008 Annual Report Download - page 133

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ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 129
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
26. SUBSEQUENT EVENTS
(A) In February 2009, the TSX accepted a notice filed by the
Company of its intention to renew its prior NCIB for a further
one-year period. The TSX notice provides that the Company may,
during the twelve-month period commencing February 20, 2009
and ending February 19, 2010, purchase on the TSX the lesser of
15 million Class B Non-Voting shares, representing approximately
2.9% of the issued and outstanding Class B Non-Voting shares, 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, share prices, its cash position, and
other factors.
(B) In February 2009, the Company’s Board of Directors adopted a
dividend policy which increases the annual dividend rate from $1.00
to $1.16 per Class A Voting and Class B Non-Voting share effective
immediately to be paid in quarterly amounts of $0.29 per share.
Such quarterly dividends are only payable as and when declared by
the Board of Directors and there is no entitlement to any dividend
prior thereto.
In addition, on February 17, 2009, the Board of Directors declared
a quarterly dividend totalling $0.29 per share on each of its
outstanding Class B Non-voting shares and Class A Voting shares,
such dividend to be paid on April 1, 2009, to shareholders of record
on March 6, 2009, and is the first quarterly dividend to reflect the
newly increased $1.16 per share annual dividend level.