Rogers Communications, Inc. - RCI STOCK NEWS

On April 26, 2023, Rogers Communications held its Annual General Meeting (AGM) of Shareholders, where all business items were approved. Shareholders cast votes on a total of 108,903,135 Class A Voting shares, representing 97.98% of issued shares, for the election of directors. Key elected directors included Jack L. Cockwell (99.987%), Michael J. Cooper (99.989%), and Tony Staffieri (99.992%). KPMG LLP was appointed as outside auditors, receiving 99.996% approval from 108,940,015 shares. Additionally, new directors Bradley Shaw, Trevor English, and Lisa Rogers were appointed. The results reflect solid shareholder support for the company's leadership and governance.

Rogers Communications announces a groundbreaking partnership with Lynk Global to bring satellite-to-phone connectivity across Canada, enhancing wireless access for all Canadians, especially in remote areas. The initiative aims to ensure that people can reach emergency services, like 911, no matter their location. Starting in 2024, the service will initially offer SMS capabilities and later expand to voice and data services. This move builds on Rogers' commitment to public safety and complements their 5G network coverage, reaching over 2,000 communities. Successful technical tests have already been conducted in British Columbia, with plans for further testing in Atlantic Canada. The project aims to improve cellular service availability, enhancing safety for residents and visitors in remote regions.

Rogers Communications has partnered with SpaceX to launch a satellite-to-phone service across Canada, expanding connectivity to remote areas currently lacking traditional networks. This innovative service, utilizing SpaceX's Starlink satellites, will initially support SMS text services with plans to include voice and data coverage in the future. The initiative aims to improve public safety by ensuring access to vital services like 911 in distant regions. Rogers, a leader in 5G spectrum investment, will harness its national wireless spectrum to implement this technology nationwide. This venture is part of Rogers' broader commitment to enhance connectivity through significant investments, including the expansion of its 5G network and merging with Shaw.

Rogers Communications reported strong Q1 2023 results, showcasing its leadership in Wireless customer growth. Key highlights include:

• Postpaid mobile phone net additions of 95,000, an increase of 44%.
• Postpaid churn at a low 0.79%.
• Service revenue up 4% to CAD 3,314 million, with Wireless service revenue growing by 7%.
• Adjusted EBITDA rose by 7% to CAD 1,651 million.
• Net income surged 30% to CAD 511 million, and diluted EPS increased to CAD 1.00.
• Record capital expenditures of CAD 892 million, indicating significant investment in network infrastructure.

The completion of the Shaw acquisition provides Rogers with a national 5G wireless and wireline network, enhancing its competitive position across Canada.

Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class B Non-Voting shares and Class A Voting shares, as announced on April 26, 2023. The dividend will be paid on July 5, 2023, to shareholders who are on record as of June 9, 2023. The Board of Directors will determine future dividend payments, emphasizing that dividends are only payable when declared.

Rogers is a prominent Canadian technology and media company offering communications services and entertainment to both consumers and businesses. The company's shares are traded on the Toronto Stock Exchange under the symbols RCI.A and RCI.B, as well as on the New York Stock Exchange as RCI.

Rogers Communications has announced plans to enhance the Toronto subway system by acquiring BAI Communications’ operations in Canada, allowing Rogers to provide full 5G connectivity throughout the subway. With this move, all TTC riders will soon have access to 911 services and additional wireless services across all subway stations and tunnels. The rollout is expected to take two years due to limited construction hours. Rogers aims to modernize the network and improve cellular capacity, transitioning from 3G and 4G to a comprehensive 5G network.

This investment underscores Rogers’ commitment to expanding connectivity for Torontonians, with seamless mobile voice and data services expected to benefit millions of riders. The acquisition is anticipated to close within two weeks, pending regulatory conditions.

Rogers Communications has successfully completed its merger with Shaw Communications, creating a unified national cable, media, and wireless company in Canada. This merger aims to enhance service delivery, innovation, and connectivity, while unlocking billions in investments that benefit Canadians. With over $40 billion invested in networks over the past decade, the combined entity will improve access to high-quality networks, particularly in rural and underserved areas. The Shaw family becomes a major shareholder, and the merger is projected to generate significant economic growth, adding $7 billion in GDP over the next five years and creating 3,000 jobs.

Rogers Communications and Shaw Communications have announced an extension to the outside closing date of their merger to April 7, 2023, following final regulatory approvals. The merger aims to enhance network coverage, particularly for underserved communities in Canada, and includes a commitment to invest $1 billion in rural connectivity and $2.5 billion to upgrade the 5G network. The merger is designed to improve operational scale, with a total of $40 billion invested by both companies over the past decade. Rogers will amalgamate with Shaw post-merger, with Shaw's shares being delisted.

On March 31, 2023, Rogers Communications provided an update on its 2023 financial guidance due to the anticipated acquisition of Shaw Communications. Key metrics show a forecasted total service revenue increase of 26% to 30%, an adjusted EBITDA increase of 31% to 35%, and capital expenditures revised to $3,700 to $3,900 million. Free cash flow guidance remains at $2,000 to $2,200 million. The updated guidance incorporates the Shaw Transaction and reflects expectations grounded in previous performance metrics. Rogers warns of potential risks affecting these projections, including regulatory changes and integration challenges.