An anonymous director reports
TELUS ANNOUNCES APPROVAL OF NORMAL COURSE ISSUER BID FOR PURCHASE IN 2013 OF UP TO $500 MILLION OF TELUS SHARES
The Toronto Stock Exchange has approved Telus Corp.'s proposed
normal course issuer bid to purchase up to 15 million of its
outstanding common shares (up to $500-million), through the facilities
of the TSX, the New York Stock Exchange, and/or alternative
trading platforms or otherwise, as may be permitted by applicable
securities laws and regulations up to Dec. 31, 2013. This
represents approximately 2.3 per cent of the current public float of
Telus common shares and will be purchased only when and if the company
considers it advisable. Pursuant to TSX rules, the maximum number of
common shares that may be repurchased during the same trading day on
the TSX is 513,632 common shares (being 25 per cent of the average daily
trading volume of Telus common shares for the six months preceding the
date (as adjusted for the April, 2013, stock split and the conversion of
non-voting shares into common shares) of the NCIB notice to the TSX),
subject to certain exceptions for block repurchases. As of May 17,
2013, Telus had 653,798,896 common shares issued and outstanding.
Telus will pay the market price at the time of acquisition for any
common shares purchased under the NCIB through the facilities of the
TSX, the NYSE or alternative trading platforms. Telus may also, from
time to time, purchase common shares outside the facilities of the TSX,
the NYSE or alternative trading platforms pursuant to exemption orders,
which may be obtained from applicable securities regulatory
authorities. Any such private purchase made under an exemption order
issued by a securities regulatory authority will generally be at a
discount to the prevailing market price as provided in the exemption
order.
Telus is also announcing plans to enter into an automatic share purchase
plan with a broker for the purpose of permitting Telus to
purchase shares under its NCIB at such times when Telus would not be
permitted to trade in its shares during internal blackout periods,
including regularly scheduled quarterly blackout periods. Under the
ASPP, at times when it is not subject to blackout restrictions, Telus may,
but is not required to, instruct the designated broker to make
purchases under its NCIB in accordance with the terms of the ASPP. Such
purchases will be determined by the broker in its sole discretion based
on limits established by Telus prior to any blackout period in
accordance with TSX rules, applicable securities laws, and the terms of
the agreement between the broker and Telus. The ASPP has been approved
by the TSX and may be implemented as early as June 30, 2013, and from
time to time thereafter. All other purchases under the NCIB will be at
the discretion of the company.
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's funds that should
enhance the value of the remaining shares. Purchases of common shares
pursuant to the NCIB may commence on May 24, 2013, and will end on
Dec. 31, 2013. All shares of Telus purchased pursuant to this
notice will be cancelled by Telus.
© 2026 Canjex Publishing Ltd. All rights reserved.