TELUS announces Normal Course Issuer Bid
Vancouver, B.C. – TELUS Corporation (TSX: T, T.A; NYSE: TU) announced today acceptance by the Toronto Stock Exchange (TSX) of notice of TELUS’ intention to purchase from time to time through the facilities of the TSX, if it is considered advisable, up to 8 million of its outstanding common shares and up to 12 million of its outstanding non-voting shares on the TSX. This represents approximately 4.6 per cent of the common and 8.1 per cent of the non-voting outstanding current public float of such shares. TELUS, as of December 7, 2007, had 175,766,114 common shares and 149,253,528 non-voting shares issued and outstanding.
The previous Normal Course Issuer Bid that expires on December 19, 2007 for 24 million total shares resulted in 2,904,900 common (at an average price paid of $57.25) and 10,219,023 non-voting shares (at an average price paid of $55.13) being purchased for approximately $730 million or 55 per cent of the total as at December 7, 2007. Excluding purchases made under the previous bid, the average daily trading volume for the previous six calendar months was 1,146,175 common shares and 767,160 non-voting shares.
The Board of Directors of TELUS believes that such purchases are in the best interest of TELUS and that such purchases constitute an attractive investment opportunity and desirable use of TELUS’ funds that should enhance the value of the remaining shares. Purchases of common shares and non-voting shares may be made pursuant to this notice in the 12-month period commencing December 20, 2007 and ending December 19, 2008. All shares of TELUS purchased pursuant to this notice will be cancelled by TELUS.
This news release contains forward-looking statements. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results, performance or achievements to differ materially from the future results expressed or implied by the forward-looking statements. This includes the purchase of shares under this Normal Course Issuer Bid. Factors that could cause actual results to differ materially include but are not limited to economic, tax, funding or other considerations which impact TELUS’ assessment of the economic benefit of proceeding with the share repurchases. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These risk factors are listed from time to time in TELUS’ reports, comprehensive public disclosure documents including the 2006 Annual Report, Annual Information Form and quarterly interim reports and in other filings with securities commissions in Canada and the United States.
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company in Canada, with $9 billion of annual revenue and 11 million customer connections including 5.4 million wireless subscribers, 4.4 million wireline network access lines and 1.2 million Internet subscribers. TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. Committed to being Canada’s premier corporate citizen, we give where we live. Since 2000, TELUS and our team members have contributed more than $91 million to charitable and non-profit organizations and volunteered more than 1.7 million hours of service to local communities. Eight TELUS Community Boards across Canada lead our local philanthropic initiatives. For more information about TELUS, please visit telus.com.
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