VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 14, 2016) – TELUS Corporation (TSX:T)(NYSE:TU) announced today that it intends to purchase and cancel up to 1,583,000 of its common shares through private agreements with an arm’s-length third-party seller.
The private agreement purchases will be made according to an issuer bid exemption order issued by the Ontario Securities Commission on March 22, 2016 (the Order).
The common shares purchased will be counted towards the 16 million common shares (subject to a maximum aggregate purchase price of $500 million) that TELUS is entitled to purchase for cancellation over a 12-month period, commencing September 15, 2015, under its 2016 normal course issuer bid (the NCIB) announced on September 11, 2015.
Common shares purchased by way of private agreements pursuant to off-exchange block purchases including the Order will not exceed, in aggregate, more than one-third of the maximum number of common shares that TELUS is permitted to purchase under the NCIB. The price that TELUS will pay for the common shares purchased under the private agreements will be negotiated by TELUS and the sellers and will be at a discount to the market price of TELUS’ common shares on the Toronto Stock Exchange at the time of purchase.
Information regarding each private purchase, including the number of common shares purchased and aggregate purchase price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com following the completion of any such purchase. Information on other purchases during the month will be reported on SEDAR on or before the 10th day of the following month.
Forward Looking Statements
This media release contains statements about future events, including with respect to our 2016 normal course issuer bid, and financial and operating performance of TELUS that are forward-looking. By their nature, forward-looking statements require the company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate and there can be no assurances that TELUS will complete all purchases under the 2016 normal course issuer bid. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors (such as regulatory decisions and developments, our earnings and free cash flow, our levels of capital expenditures and spectrum licence purchases, the competitive environment, and the economic performance in Canada) could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.
About TELUS
TELUS (TSX:T)(NYSE:TU) is Canada’s fastest-growing national telecommunications company, with $12.6 billion of annual revenue and 12.4 million subscriber connections, including 8.4 million wireless subscribers, 1.4 million residential network access lines, 1.6 million high-speed Internet subscribers and 1.0 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada’s largest healthcare IT provider.
For more information about TELUS, please visit telus.com.
Darrell Rae
(604) 695-4314
ir@telus.com
Media Relations
Shawn Hall
(604) 695-6500
Shawn.Hall@telus.com