Rogers Communications Inc. (ticker: RCI.B.TO, exchange: Toronto Stock Exchange (.TO))
News Release -
Rogers Communications Inc. Announces Normal Course Issuer BidTORONTO, May 17, 2002 /PRNewswire-FirstCall via COMTEX/ -- Rogers
Communications Inc. (TSE: RCI.A and RCI.B, NYSE: RG) Rogers Communications Inc.
("RCI") announced today that the Toronto Stock Exchange ("TSE") has approved its
application to make a Normal Course Issuer Bid (the "Bid") for purchases of its
Class B Non-Voting shares (the "Shares") through the facilities of the TSE.
Purchases made pursuant to the Bid will not exceed 7,914,000 Shares
(representing approximately 5% of RCI's outstanding Shares as at April 30, 2002)
over a twelve-month period. As at April 30, 2002, there were approximately
158,299,285 Class B Non-Voting shares outstanding.
The board of directors of RCI has authorized the Bid because it believes the
purchase of Shares is an appropriate use of funds, since, in management's
opinion, the value of the Shares currently exceeds their trading price. Such
purchases are expected to benefit shareholders who hold Shares by increasing the
value of their equity holdings.
The Bid will commence May 23, 2002 and will terminate the earlier of (i) May 22,
2003, or (ii) the date upon which a total of 7,914,000 Shares have been
purchased by RCI pursuant to the Bid. Any Shares acquired pursuant to the Bid
will not be cancelled but will be returned to treasury. RCI did not acquire any
Shares under a prior Normal Course Issuer Bid that terminated on October 27,
2001. Any purchases made pursuant to the Bid will be made in accordance with the
rules of the TSE and will be made at the market price of the Shares at the time
of the acquisition.
Scotia Capital Inc. has been appointed as RCI's broker to make purchases of
Shares under the Bid.
Rogers Communications Inc. (TSE: RCI.A and RCI.B; NYSE: RG) is Canada's national
communications company engaged in cable television, high-speed Internet access
and video retailing through Rogers Cable Inc., cellular, digital PCS, paging and
data communications through Rogers Wireless Communications Inc., and in radio
and television broadcasting, tele-shopping, publishing and new media businesses
through Rogers Media Inc. Additional information on Rogers is available at
SOURCE Rogers Communications Inc.
CONTACT: Bruce M. Mann, (416) 935-3532 or
email@example.com; Eric Wright, (416) 935-3550, or
(RCI.A. RCI.B. RG)
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