Rogers 2012 Annual Report Download - page 118

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
27. SUBSEQUENT EVENTS:
(a) On January 14, 2013 the Company announced a multipart
strategic transaction with Shaw Communications (“Shaw”) to
acquire Shaw’s cable system in Hamilton, Ontario and secure an
option to purchase Shaw’s Advanced Wireless Services (“AWS”)
spectrum holdings in 2014. The Company is also to sell Rogers’
one-third interest in specialty channel TVtropolis to Shaw and
enters into negotiations with Shaw for the provision of certain
services in Western Canada. Rogers’ net cash investment is
expected to total approximately $700 million if all aspects of the
transactions are approved.
(b) In February 2013, the Company filed a notice with the TSX of its
intention to renew its prior NCIB for a further one-year period.
Subject to acceptance by the TSX, the TSX notice provides that
the Company may, during the twelve-month period commencing
February 25, 2013 and ending February 24, 2014, purchase on
the TSX, the NYSE and/or alternate trading systems up to the
lesser of 35.8 million Class B Non-Voting shares, representing
approximately 10% 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 $500 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.
(c) In February 2013, the Company’s Board increased the annualized
dividend rate from $1.58 to $1.74 per Class A Voting and Class B
Non-Voting share effective immediately to be paid in quarterly
amounts of $0.435 per share. Such quarterly dividends are
payable only as and when declared by the Board and there is no
entitlement to any dividends prior thereto.
In addition, on February 14, 2013, the Board declared a quarterly
dividend totalling $0.435 per share on each of its outstanding
Class A Voting and Class B Non-Voting shares, such dividend to
be paid on April 2, 2013, to shareholders of record on March 15,
2013, and is the first quarterly dividend to reflect the newly
increased $1.74 per share annual dividend level.
(d) On January 14, 2013 the Company received initial funding on
the accounts receivable securitization program of $400 million
(note 19(f)).
114 ROGERS COMMUNICATIONS INC. 2012 ANNUAL REPORT