TELUS increasing previously-announced Normal Course Issuer Bid to purchase TELUS shares to $1 billion from $500 million
VANCOUVER, July 22, 2013 /CNW/ - TELUS' Board of Directors has approved an increase in the scope of the company's Normal Course Issuer Bid first announced May 21, 2013 for the purchase and cancellation of TELUS common shares to $1 billion from $500 million to be completed by December 31, 2013 (the "Amended NCIB"). Subject to regulatory approval, TELUS will increase the number of shares it may purchase under the Amended NCIB to 31.9 million common shares from 15 million common shares, representing approximately 4.9 per cent of the company's outstanding shares as at May 17, 2013 (the reference date for the original NCIB). As of June 30, approximately 8.4 million shares had already been purchased under the program at an average price of $33.40 per share, for a total of about $281 million. All other terms of the NCIB remain unchanged.
The company's Board of Directors 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.
Forward Looking Statements
This media release contains statements about future events at 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. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions (including assumptions for 2013 annual guidance, CEO three-year goals to 2013 for EPS and free cash flow growth to 2013 excluding spectrum costs, semi-annual dividend increases to 2016, ability to sustain and complete multi-year share purchase programs to 2016), qualifications and risk factors referred to in the first quarter Management's discussion and analysis, in the 2012 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). 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 and guidance.
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in Canada, with $11 billion of annual revenue and 13.2 million customer connections, including 7.7 million wireless subscribers, 3.4 million wireline network access lines, 1.4 million Internet subscribers and 712,000 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.
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