TELUS to purchase up to 6.5 million common shares under its normal course
issuer bid through private agreements
VANCOUVER, Aug. 14, 2013
VANCOUVER, Aug. 14, 2013 /PRNewswire/ - TELUS Corporation announced today that
it will purchase and cancel up to 6.5 million of its common shares through
private agreements with an arm's-length third-party seller.
These private purchase agreements are separate and in addition to the private
agreements for the purchase of 4.0 million common shares previously announced
on June 14, 2013. Private agreements for purchases of up to 4.0million common
shares were made and may continue to be made according to an issuer bid
exemption order issued by the Ontario Securities Commission (OSC) on June14,
2013 (June Order), which provides that such purchases must occur prior to
September30, 2013. To date, TELUS Corporation has completed purchases of
3.5million of these 4.0million common shares.
The private agreement purchases for the additional 6.5million common shares
will be made according to an issuer bid exemption order issued by the OSC on
August13, 2013 (August Order) and will take place by way of several
transactions pursuant to the terms of the August Order, which provides that
such purchases must occur prior to November30, 2013.
The common shares purchased will be counted towards the 31.9 million common
shares (subject to a maximum aggregate purchase price of $1 billion) that
TELUS is entitled to purchase for cancellation under its amended normal course
issuer bid (Amended NCIB) announced on July 22, 2013 and approved by the
Toronto Stock Exchange (TSX) on July 23.
All common shares purchased by way of private agreements made pursuant to the
June Order and August Order will be included in computing the number of common
shares purchased under the Amended NCIB (and will not exceed, in aggregate,
more than one-third of the maximum number of common shares that TELUS is
permitted to purchase under the Amended NCIB, being 10,633,333 common shares).
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 TSX at the time
of the purchases.
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
Forward Looking Statements
his media 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 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.
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in
Canada, with $11.2 billion of annual revenue and 13.2 million customer
connections, including 7.7 million wireless subscribers, 3.3 million wireline
network access lines, 1.4 million Internet subscribers and 743,000 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
For more information about TELUS, please visit telus.com.
SOURCE TELUS Corporation
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