Shaw Communications Inc.

Shaw Communications Inc.

September 07, 2005 08:00 ET

Shaw Amends Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - Sept. 7, 2005) - Shaw Communications Inc. (TSX:SJR.NV.B) (NYSE:SJR) ("Shaw") announced today that it has received approval from The Toronto Stock Exchange ("TSX") to amend its normal course issuer bid to increase the number of Class B Non-Voting Shares which may be purchased under the bid. Under the amended bid, Shaw is now authorized to acquire an additional 1,360,000 Class B Non-Voting Shares, for a total of 12,260,000 Class B Non-Voting Shares, representing approximately 10% of the public float of such shares.

Under its current normal course issuer bid, Shaw has purchased an aggregate of 10,900,000 Class B Non-Voting Shares to date, at an average price of $25.17. All such shares have been cancelled.

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 the rules of the TSX 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 will be cancelled.

Shaw's normal course issuer bid expires on November 7, 2005. The bid does not apply to Class A Voting Participating Shares of Shaw.

Shaw Communications Inc. is a diversified Canadian communications company whose core business is providing broadband cable television, Internet, Digital Phone, telecommunications services (through Big Pipe Inc.) and satellite direct-to-home services (through Star Choice Communications Inc.) to approximately 3.0 million customers. Shaw is traded on the Toronto and New York stock exchanges and is a member of the S&P/TSX 60 index (Symbol: TSX - SJR.NV.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.

Contact Information

  • Shaw Communications Inc.
    Steve Wilson
    Senior V.P., Chief Financial Officer
    (403) 750-4500