Rogers 2010 Annual Report Download - page 47

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In February 2011, the Board adopted a dividend policy that increased
the annualized dividend rate from $1.28 to $1.42 per Class A Voting and
Class B Non-Voting share effective immediately to be paid in quarterly
amounts of $0.355 per share. Such quarterly dividends are only payable
as and when declared by our Board and there is no entitlement to any
dividend prior thereto.
In addition, on February 15, 2011, the Board declared a quarterly
dividend totalling $0.355 per share on each of its outstanding Class A
Voting and Class B Non-Voting shares, such dividend to be paid on April
1, 2011, to shareholders of record on March 18, 2011, and is the first
quarterly dividend to reflect the newly increased $1.42 per share annual
dividend level.
In February 2010, the Board adopted a dividend policy that increased
the annualized dividend rate from
$1.16 to $1.28 per Class A Voting
and Class B Non-Voting share
effective with the next quarterly
dividend.
In February 2009, the Board
adopted a dividend policy that
increased the annualized dividend
rate from $1.00 to $1.16 per Class
A Voting and Class B Non-Voting
share effective with the next
quarterly dividend.
In January 2008, the Board
approved an increase in the
annualized dividend from $0.50 to
$1.00 per Class A Voting and Class
B Non-Voting share effective with
the next quarterly dividend.
ROGERS COMMUNICATIONS INC. 2010 ANNUAL REPORT 51
DIVIDENDS ON RCI EQUITY SECURITIES
Our dividend policy is reviewed periodically by the RCI Board of
Directors (“the Board”). The declaration and payment of dividends are
at the sole discretion of the Board and depend on, among other things,
our financial condition, general business conditions, legal restrictions
regarding the payment of dividends by us, some of which are referred
to below, and other factors that the Board may at any point consider to
be relevant. As a holding company with no direct operations, we rely
on cash dividends and other payments from our subsidiaries and our
own cash balances and debt to pay dividends to our shareholders. The
ability of our subsidiaries to pay such amounts to us is subject to the
various risks as outlined in this MD&A.
We declared and paid dividends on each of our outstanding Class A
Voting and Class B Non-Voting shares, as follows:
Declaration date Record date Payment date
Dividend
per share
Dividends paid
(In millions)
February 21, 2008 March 6, 2008 April 1, 2008 $ 0.25 $ 160
April 29, 2008 May 13, 2008 July 2, 2008 $ 0.25 $ 160
August 19, 2008 September 3, 2008 October 1, 2008 $ 0.25 $ 159
October 28, 2008 November 25, 2008 January 2, 2009 $ 0.25 $ 159
February 17, 2009 March 6, 2009 April 1, 2009 $ 0.29 $ 184
April 29, 2009 May 15, 2009 July 2, 2009 $ 0.29 $ 184
August 20, 2009 September 9, 2009 October 1, 2009 $ 0.29 $ 177
October 27, 2009 November 20, 2009 January 2, 2010 $ 0.29 $ 175
February 16, 2010 March 5, 2010 April 1, 2010 $ 0.32 $ 188
April 29, 2010 May 14, 2010 July 2, 2010 $ 0.32 $ 187
August 18, 2010 September 9, 2010 October 1, 2010 $ 0.32 $ 184
October 26, 2010 November 18, 2010 January 4, 2011 $ 0.32 $ 179
20102009
2008
2008
201
0
2009
$1.28$1.16$1.00
ANNUALIZED DIVIDENDS
PER SHARE AT YEAR END CASH RETURNED TO SHAREHOLDERS
(In millions of dollars)
2010
Stock option buybacks: $58
Dividends: $734
$2,104
Share buybacks: $1,312
Dividend Reinvestment Plan (“DRIP”)
On October 26, 2010, the Rogers’ Board of Directors approved the DRIP
effective November 1, 2010. The DRIP enables eligible shareholders to
have all or a portion of their regular quarterly cash dividends
automatically reinvested in additional Class B Non-Voting shares of
Rogers’ common stock. No commissions, service charges or brokerage
fees will be payable by Plan participants in connection with shares
purchased under the DRIP.
Shareholders who elect to participate see all or a portion of their
quarterly dividends reinvested in additional Class B Non-Voting shares
of Rogers at the average market price, as described in the DRIP Plan
Document, with respect to the applicable dividend payment date.