Rogers Communications Declares 50 Cents per Share Quarterly Dividend

Rhea-AI Summary

Rogers Communications Inc. declares a quarterly dividend totaling 50 cents per share on each of its outstanding Class B Non-Voting shares and Class A Voting shares. The Quarterly Dividend will be paid on April 3, 2024, to shareholders of record on March 11, 2024. Shareholders can elect to have cash dividends reinvested in additional Class B Shares at a 2% discount from the Average Market Price.

Financial Analyst

The declaration of a quarterly dividend by Rogers Communications Inc. signifies a distribution of earnings to shareholders, which is a strong signal of the company's current financial health and confidence in its ability to generate cash flow. The dividend payout can impact investor sentiment, potentially influencing the stock's attractiveness to both income-focused investors and value investors. A 2% discount on shares issued from treasury under the Dividend Reinvestment Plan (DRIP) presents a modest incentive for shareholders to reinvest their dividends, which could support the stock price by reducing the sell pressure and increasing shareholder loyalty.

Moreover, the decision between issuing additional shares from treasury or purchasing them on the open market can have implications for the company's capital structure. Issuing new shares could dilute existing shareholders' equity, but it may also be a strategic move to conserve cash. Conversely, buying shares on the open market for the DRIP can signal to the market that the company believes its stock is undervalued. This action might also provide support for the share price.

Market Research Analyst

When evaluating the impact of dividend announcements on the stock market, it is important to consider broader industry trends and investor expectations. In the telecommunications sector, stable and predictable dividends are often expected by investors, as these companies typically generate consistent cash flows. Rogers' dividend declaration is in line with industry norms, which could reassure investors looking for stability in their investments.

Additionally, the timing of the dividend, with a record date and payment date set well in advance, provides transparency and allows investors to plan accordingly. The availability of the Dividend Reinvestment Plan with a discount is a common practice that encourages long-term investment but must be assessed in the context of the company's overall dividend yield and growth prospects to gauge its attractiveness relative to peers.

April 3, 2024 payment date following March 11, 2024 record date

TORONTO, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI) (“Rogers”) announced that its Board of Directors declared a quarterly dividend totaling 50 cents per share (the “Quarterly Dividend”) on each of its outstanding Class B Non-Voting shares (“Class B Shares”) and Class A Voting shares.

The Quarterly Dividend will be paid on April 3, 2024 to shareholders of record on March 11, 2024. Quarterly dividends are only payable as and when declared by Rogers’ Board and there is no entitlement to any dividend prior thereto.

Shareholders may elect to have cash dividends on their shares reinvested in additional Class B Shares in accordance with Rogers’ Amended and Restated Dividend Reinvestment Plan (the “Plan”). Under the Plan, Rogers’ Board determines whether the additional Class B Shares will be purchased on the open market or issued by Rogers from treasury. The Plan permits, at the Board’s discretion, a small discount when shares are issued from treasury under the Plan. In connection with the Quarterly Dividend, Class B Shares will be issued by Rogers under the Plan from treasury at a 2% discount from the Average Market Price (as defined in the Plan).

A copy of the Plan describing the terms and conditions applicable to the Plan is available at www.investors.rogers.com or from the agent at www.tsxtrust.com or by e-mail at shareholderinquiries@tmx.com. In addition, a copy of the Plan is available under our profile at www.sedarplus.ca. A registration statement on Form F-3D relating to the Plan (File No. 333-170234) has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and may be obtained under the Company's profile on the SEC's website at www.sec.gov.  

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Rogers Communications Inc:
Rogers is Canada’s leading wireless, cable and media company that provides connectivity and entertainment to Canadian consumers and businesses across the country. Rogers shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit: rogers.com or investors.rogers.com.

For further information:
Investor Relations
1-844-801-4792
investor.relations@rci.rogers.com

When is the payment date for the quarterly dividend?

The payment date for the quarterly dividend is April 3, 2024.

What is the record date for the quarterly dividend?

The record date for the quarterly dividend is March 11, 2024.

How much is the quarterly dividend per share?

The quarterly dividend is 50 cents per share.

Can shareholders reinvest cash dividends in additional Class B Shares?

Yes, shareholders can reinvest cash dividends in additional Class B Shares at a 2% discount from the Average Market Price.

Where can shareholders find a copy of the Plan describing the terms and conditions applicable to the Plan?

A copy of the Plan is available at www.investors.rogers.com or from the agent at www.tsxtrust.com or by e-mail at shareholderinquiries@tmx.com.

Is this press release an offer to sell or a solicitation of an offer to buy securities?

No, this press release does not constitute an offer to sell or a solicitation of an offer to buy securities.