NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Claims
There are certain other claims and potential claims against us. We do
not expect any of these to have materially adverse effect on our
consolidated financial position.
The outcome of all the proceedings and claims against us, including the
matters described above, is subject to future resolution that includes the
uncertainties of litigation. Based on information currently known to us,
we believe that it is not probable that the ultimate resolution of any of
these proceedings and claims, individually or in total, will have a
material adverse effect on our consolidated financial position or results
of operations. If it becomes probable that we are liable, we will record a
provision in the period the change in probability occurs, and it could be
material to our consolidated financial position and results of operations.
NOTE 28: SUBSEQUENT EVENTS
The following events occurred after the year ended December 31,
2013:
Increase in Annual Dividend Rate and Declaration of
Dividends
In February 2014, the Board approved an increase of 5% in the
annualized dividend rate, to $1.83 per Class A Voting share and Class B
Non-Voting share, effective immediately to be paid in quarterly amounts
of $0.4575. The Board last increased the annualized dividend rate in
February 2013, from $1.58 to $1.74 per Class A Voting and Class B
Non-Voting share. Dividends are payable when declared by the Board.
In February 2014, the Board declared a quarterly dividend of $0.4575
per Class A Voting share and Class B Non-Voting share, to be paid on
April 4, 2014, to shareholders of record on March 14, 2014. This is the
first quarterly dividend in 2014 and reflects the new dividend rate.
Cash Tender Offers
On January 29, 2014, we announced that one of our wholly-owned
subsidiaries commenced cash tender offers for any and all of our
US $750 million 6.375% senior notes due 2014 and our
US $350 million 5.500% senior notes due 2014. The tender offer
consideration will be US $1,000 for each $1,000 principal amount of
notes (plus accrued and unpaid interest to, but not including, the
settlement date) and a consent payment equal to US $2.50 per
US $1,000 principal amount of notes.
Normal Course Issuer Bid
In February 2014, we filed a notice with the TSX of our intention to
renew our normal course issuer bid for our Class B Non-Voting shares
for another year. Subject to acceptance by the TSX, this notice gives us
the right to buy up to an aggregate $500 million or 35,780,234 Class B
Non-Voting shares of RCI, whichever is less, on the TSX, NYSE and/or
alternate trading systems any time between February 25, 2014 and
February 24, 2015. The number of Class B Non-Voting shares we
actually buy under the normal course issuer bid, if any, and when we
buy them, will depend on our evaluation of market conditions, stock
prices, our cash position, alternative uses of cash and other factors.
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 125