It looks like the public-facing feud at Rogers Communications (TSX: RCI) is over, at least for now. On Friday, the British Columbia Supreme Court ruled that the resolution put forth by Rogers Control Trust, and thereby Edward Rogers, is valid.
With the decision having been made by the Supreme Court, the management of Rogers evidently has finally come to the realization that they are not in control of the company, but rather, the Rogers Control Trust is. As a result, Edward Rogers has resumed to the role of Chair of the Board, with his re-constituted board being the board that actually controls the company.
With the closing of the case, the firm now has a board of directors consisting of Robert Dépatie, Robert Gemmell, Alan Horn, Philip Lind, Edward Rogers, Melinda Rogers-Hixon, Martha Rogers, Loretta Rogers, Joe Natale, Michael Cooper, Jack Cockwell, Jan Innes, Ivan Fecan and John Kerr.
Furthermore, the company indicated last night in a brief release that it will not be seeking an appeal of the decision made by the court. Despite this, one director, Martha L Rogers, on Friday suggested that they would be moving ahead with an appeal in a Tweet.
The tweet comments that the decision by the court, “represents a black eye for good governance and shareholder rights and sets a dangerous new precedent for Canada’s capital markets.” This, of course, is not in reference to why a naturopathic doctor sits on the board of directors of a telecom firm, but rather is in reference to the fact that a control trust instead controls the firm.
Rogers Communications Class B shares last traded at $47.37 on the NYSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
