SJR - SJR STOCK NEWS

Shaw Communications reported third quarter fiscal 2021 results with revenue up 4.8% to $1.38 billion and net income soaring 92.4% to $354 million. Adjusted EBITDA rose 5.4% to $642 million, helped by a $20 million revenue boost from CRTC decisions. Shaw added 51,000 new wireless customers but reported a 5.1% decline in ARPU to $36.94. The company remains on track for adjusted EBITDA growth and free cash flow exceeding $800 million this fiscal year. Shareholders approved a merger with Rogers valued at $26 billion, expected to close in early 2022.

Shaw Communications Inc. will release its consolidated third-quarter results for the period ending May 31, 2021, on June 30, 2021, after market close. There will be no conference call post-results. The company, a prominent Canadian connectivity provider, offers a range of services through its wireline and wireless divisions. Shaw is listed on both the Toronto and New York stock exchanges, with its stock symbol being SJR.

Shaw Communications announced plans to redeem its Cumulative Redeemable Rate Reset Class 2 Preferred Shares, Series A and Series B on June 30, 2021, at a total aggregate price of $300 million. Each preferred share will be redeemed at $25.00 less applicable taxes. Additionally, the company declared final dividends of $0.17444 for Series A and $0.12956 for Series B, payable on the same date to holders of record by June 15, 2021. Shaw has notified registered holders about the redemption process, and SJR.PR.A and SJR.PR.B are listed on the Toronto Stock Exchange.

Shaw Communications announced that the Alberta Court has approved the business combination arrangement with Rogers Communications. The arrangement is pending regulatory approvals from Canadian authorities, including the Competition Bureau and CRTC. If all conditions are met, the deal is expected to close in the first half of 2022. Shaw emphasizes that the arrangement's completion is subject to various risks and uncertainties, and warns investors about reliance on forward-looking statements.

On May 20, 2021, Shaw Communications announced overwhelming shareholder approval for its proposed business combination with Rogers Communications. Approximately 99.8% of votes favored the Arrangement, reflecting strong support from Class A and Class B shareholders with over 70% voter turnout. The Arrangement is pending final court approval on May 25, 2021, and is expected to be completed by mid-2022, subject to regulatory requirements. Additionally, Rogers will require Shaw to redeem its preferred shares at $25 each on June 30, 2021.

Shaw Communications has filed a management information circular related to its proposed business combination with Rogers Communications. The Arrangement calls for Rogers to acquire all of Shaw's Class A and Class B shares, subject to shareholder approval at a special meeting on May 20, 2021. The Board unanimously recommends shareholders vote in favor of this transaction, which must meet specific voting requirements and regulatory approvals. If successful, the merger is expected to finalize in the first half of 2022, significantly impacting both companies' operations.

Shaw Communications has announced dividends for the period ending June 30, 2021, amounting to $0.17444 per Series A Preferred Share and $0.12956 per Series B Preferred Share. These dividends are payable on June 30, 2021, to shareholders on record as of June 15, 2021. Both share classes are traded on the Toronto Stock Exchange under the symbols SJR.PR.A and SJR.PR.B. The dividends are classified as “eligible” under the Income Tax Act in Canada, providing potential tax benefits for shareholders.

Shaw Communications has declared monthly dividends of $0.09875 for Class B Non-Voting Participating Shares and $0.098542 for Class A Participating Shares. These dividends are payable on June 29, July 29, and August 30, 2021, to shareholders on record as of June 15, July 15, and August 13, 2021.

These dividends are classified as "eligible" under the Income Tax Act (Canada). Shaw’s Board reviews dividend rates quarterly.

Shaw Communications reported a 1.8% revenue increase to $1.39 billion and a 29.9% net income rise to $217 million for the second quarter of 2021. Adjusted EBITDA grew by 6.2% to $637 million while free cash flow reached $248 million, a 29.8% increase year-over-year. The company added 82,300 wireless customers, with significant postpaid gains. Shaw's proposed $26 billion acquisition by Rogers is pending various approvals, with expected completion in the first half of 2022. The company continues to focus on growth, particularly through bundling initiatives.