Shaw 2015 Annual Report Download - page 88

Shaw Communications Inc.
Notes to the Consolidated Financial Statements
August 31, 2015 and 2014
[all amounts in millions of canadian dollars except share and per share amounts]
19. DIVIDENDS
Common share dividends
The holders of Class A Shares and Class B Non-Voting Shares are entitled to receive such dividends as the Board of Directors
determines to declare on a share-for-share basis, as and when any such dividends are declared or paid. The holders of Class B
Non-Voting Shares are entitled to receive during each dividend period, in priority to the payment of dividends on the Class A
Shares, an additional dividend at a rate of $0.0025 per share per annum. This additional dividend is subject to proportionate
adjustment in the event of future consolidations or subdivisions of shares and in the event of any issue of shares by way of stock
dividend. After payment or setting aside for payment of the additional non-cumulative dividends on the Class B Non-Voting
Shares, holders of Class A Shares and Class B Non-Voting Shares participate equally, share for share, as to all subsequent
dividends declared.
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, 2015 and 2014 are as follows:
2015 2014
Class A Voting Share Class B Non-Voting Share Class A Voting Share Class B Non-Voting Share
1.1613 1.1638 1.0775 1.0800
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, 2015 and 2014.
On June 25, 2015, the Company declared dividends of $0.28125 per Series A Preferred Share which were paid on
September 30, 2015. The total amount paid was $3 of which $1 was not recognized as at August 31, 2015.
On October 22, 2015, the Company declared dividends of $0.098542 per Class A Voting Share and $0.09875 per Class B
Non-Voting Share payable on each of December 30, 2015, January 28, 2016 and February 26, 2016 to shareholders of record
at the close of business on December 15, 2015, January 15, 2016 and February 12, 2016, respectively.
On October 22, 2015, the Company declared dividends of $0.28125 per Series A Preferred Share payable on December 31,
2015 to holders of record at the close of business on December 15, 2015.
86 Shaw Communications Inc. 2015 Annual Report