Shaw 2014 Annual Report Download - page 103

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2014 and 2013
[all amounts in millions of Canadian dollars except share and per share amounts]
Preferred share dividends
Holders of the Series A Preferred Shares are entitled to receive, as and when declared by the
Company’s Board of Directors, a cumulative quarterly fixed dividend yielding 4.50% annually
for the initial period ending June 30, 2016. Thereafter, the dividend rate will be reset every five
years at a rate equal to the then current 5-year Government of Canada bond yield plus 2.00%.
Holders of Series A Preferred Shares will have the right, at their option, to convert their shares
into Cumulative Redeemable Floating Rate Preferred Shares, Series B (the “Series B Preferred
Shares”), subject to certain conditions, on June 30, 2016 and on June 30 every five years
thereafter. The Series B Preferred Shares also represent a series of Class 2 preferred shares and
holders will be entitled to receive cumulative quarterly dividends, as and when declared by the
Company’s Board of Directors, at a rate set quarterly equal to the then current three-month
Government of Canada Treasury Bill yield plus 2.00%.
Dividend reinvestment plan
The Company has a Dividend Reinvestment Plan (“DRIP”) that allows holders of Class A Shares
and Class B Non-Voting Shares who are residents of Canada to automatically reinvest monthly
cash dividends to acquire additional Class B Non-Voting Shares. Class B Non-Voting Shares
distributed under the Company’s DRIP are new shares issued from treasury at a 2% discount
from the 5 day weighted average market price immediately preceding the applicable dividend
payment date.
Dividends declared
The dividends per share recognized as distributions to common shareholders for dividends
declared during the year ended August 31, 2014 and 2013 are as follows:
2014 2013
Class A Voting Share Class B Non-Voting Share Class A Voting Share Class B Non-Voting Share
1.0775 1.0800 $1.0050 $1.0075
The dividends per share recognized as distributions to holders of Series A Preferred Shares was
$1.125 during each of the years ended August 31, 2014 and 2013.
On June 26, 2014, the Company declared dividends of $0.28125 per Series A Preferred Share
which were paid on September 30, 2014. The total amount paid was $3 of which $1 was not
recognized as at August 31, 2014.
On October 23, 2014, the Company declared dividends of $0.091458 per Class A Voting Share
and $0.091667 per Class B Non-Voting Share payable on each of December 30,
2014, January 29, 2015 and February 26, 2015 to shareholders of record at the close of
business on December 15, 2014, January 15, 2015 and February 13, 2015, respectively.
On October 23, 2014, the Company declared dividends of $0.28125 per Series A Preferred
Share payable on December 31, 2014 to holders of record at the close of business on
December 15, 2014.
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