Shaw Communications Inc. (TSX: SJR.B) (NYSE: SJR) ("Shaw") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to renew its normal course issuer bid to purchase its Class B Non-Voting Shares for a further one year period. Shaw's normal course issuer bid will now expire on November 16, 2007, in accordance with the rules of the TSX.
Under Shaw's previously approved issuer bid, during the 12 month period commencing November 16, 2005, Shaw purchased an aggregate of 3,759,900 Class B Non-Voting Shares at a weighted average price of $29.97. All such shares have been cancelled.
As approved by the TSX, during the period of November 17, 2006 to November 16, 2007, Shaw is now authorized to acquire up to an additional 15,300,000 Class B Non-Voting Shares representing approximately 10% of the public float of Class B Non-Voting Shares. A total of 203,791,366 Class B Non-Voting Shares of Shaw were issued and outstanding as at October 31, 2006.
Shaw continues to believe that purchases of Class B Non-Voting Shares under the bid are in the best interests of the Corporation and its shareholders and that such purchases constitute a desirable use of Shaw's free cash flow that is expected to enhance the value of the remaining Class B Non-Voting Shares.
Class B Non-Voting Shares will be purchased by Shaw on the open market through the facilities of the TSX pursuant to its rules governing normal course issuer bids. The price that Shaw will pay for any shares purchased pursuant to the bid will be the prevailing market price for the shares on the TSX at the time of such purchase. Any Class B Non-Voting Shares purchased back by Shaw pursuant to the bid will be cancelled.
The bid does not apply to Class A Voting Participating Shares of Shaw.
Shaw Communications Inc. is a diversified communications company whose core business is providing broadband cable television, High-Speed Internet, Digital Phone, telecommunications services (through Shaw Business Solutions) and satellite direct-to-home services (through Star Choice) to 3.2 million customers. Shaw is traded on the Toronto and New York stock exchanges and is included in the S&P/TSX 60 Index (TSX: SJR.B), (NYSE: SJR).
This news release contains forward-looking statements that are based on current conditions and assumptions and that are not a guarantee of future events. Actual events could differ materially as a result of changes to Shaw's plans and the impact of events, risks and uncertainties. For a discussion of these factors, refer to Shaw's current annual information form, annual and quarterly reports to shareholders and other documents filed with regulatory authorities.