Will enhance trading liquidity and improve share affordability
VANCOUVER, March 14, 2013 /CNW/ - TELUS announced today that its Board of
Directors has approved a two-for-one stock split of the company's outstanding
common shares. Upon completion, the number of shares outstanding will double
to approximately 653.6 million.
On April 16, 2013, TELUS shareholders will receive one additional share for
each share owned on the record date of April 15, 2013, subject to completion
and approval of regulatory filings with the Toronto Stock Exchange (TSX) and
New York Stock Exchange (NYSE). TELUS common shares after the stock split are
expected to commence trading on or about April 17, 2013 on the TSX and the
Darren Entwistle, President and CEO, said "This two-for-one stock split builds
on TELUS' excellent track record in respect of shareholder friendly
initiatives. Notably, it will enhance our share trading liquidity and improve
the affordability of our shares for retail investors."
TELUS' shareholder friendly initiatives include:
-- Exchanging on February 4, 2013 all of TELUS' 151 million
non-voting shares on a one-for-one basis into common shares,
providing enhanced trading volumes and marketability with the
common shares being listed on the New York Stock Exchange for
the first time;
-- Delivering on our dividend growth model, a three-year program
to increase share dividends by approximately 10 per cent a year
from 2011 through 2013. This growth model is supported by a
long-term clear dividend payout guideline, which was recently
increased 10 points to 65 to 75 per cent of prospective EPS;
-- Providing investors, at our shareholder meeting of May 9, with
an update on our dividend growth model for the next three year
period of 2014 through 2016. Additionally, at the May 9
meeting, clarifying the company's intentions with respect to a
multi-year share repurchase program.
TELUS shareholders, with or without a physical share certificate, do not need
to take any action because the company has moved to a Direct Registration
System (DRS). TELUS' transfer agent, Computershare, will send registered
common shareholders a DRS advice form, which will represent the additional
number of common shares that they are receiving as a result of the stock
split. This will allow shareholders to hold their additional common shares in
a "book entry" form without having a physical share certificate issued.
Caution regarding forward looking statements
This news release contains statements about future events 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. Readers are cautioned not to place
undue reliance on forward-looking statements as a number of factors could
cause actual future performance and events to differ materially from that
expressed in the forward-looking statements. Accordingly, this news release is
subject to the disclaimer and qualified by the assumptions (including
assumptions for 2013 annual targets and semi-annual dividend increases to
2013), qualifications and risk factors referred to in the fourth quarter 2012
Management review of operations and Management's discussion and analysis in
the other 2012 quarterly reports and 2011 annual report, and in other TELUS
public disclosure documents and filings with securities commissions in
Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov).
In addition, there can be no assurance that the Company will initiate a normal
course issuer bid in 2013 or maintain its dividend growth model beyond 2013.
The stock split is generally not expected to have unfavorable tax consequences
to holders of shares in Canada or the United States. However, shareholders are
cautioned to seek their own tax advice from their own tax advisors. Except as
required by law, TELUS disclaims any intention or obligation to update or
revise forward-looking statements, and reserves the right to change, at any
time at its sole discretion, its current practice of updating annual targets
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in
Canada, with $10.9 billion of annual revenue and more than 13.1million
customer connections, including 7.7million wireless subscribers,
3.4million wireline network access lines, 1.4million Internet subscribers
and 678,000 TELUS TV customers. Led since 2000 by President and CEO, Darren
Entwistle, TELUS provides a wide range of communications products and
services, including wireless, data, Internet protocol (IP), voice, television,
entertainment and video.
In support of our philosophy to give where we live, TELUS, our team members
and retirees have contributed more than $300million to charitable and
not-for-profit organizations and volunteered 4.8million hours of service to
local communities since 2000. Fourteen TELUS Community Boards lead TELUS'
local philanthropic initiatives. TELUS was honoured to be named the most
outstanding philanthropic corporation globally for 2010 by the Association of
Fundraising Professionals, becoming the first Canadian company to receive this
prestigious international recognition.
For more information about TELUS, please visit telus.com.
Shawn Hall TELUS Social and Media Relations 604-619-7913 firstname.lastname@example.org
Robert Mitchell TELUS Investor Relations 647-837-1606 email@example.com
SOURCE: TELUS Corporation
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CO: TELUS Corporation
ST: British Columbia
-0- Mar/14/2013 12:00 GMT
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