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Rogers Communications Board authorizes repurchase of up to $1B of stock

Rogers Communications announced that the Toronto Stock Exchange, or TSX, has accepted a notice filed by Rogers of its intention to renew its prior normal course issuer bid, or NCIB, for its Class B Non-Voting shares for a further one-year period. The TSX notice provides that Rogers may, during the twelve month period commencing Feb. 24, and ending Feb. 23, 2013, purchase on the TSX the lesser of 36.8M Class B shares, representing approximately 10% of the public float of the Class B shares, and that number of Class B shares that can be purchased under the NCIB for an aggregate purchase price of $1B. The actual number of Class B shares purchased, if any, and the timing of such purchases will be determined by Rogers, considering market conditions, stock prices, its cash position, and other factors. As at Feb. 10, there were approximately 412.4M Class B shares issued and outstanding and the public float consisted of approximately 368.2M Class B shares.