VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2016) - TELUS Corporation (TSX:T)(NYSE:TU) announced today that it intends to purchase and cancel up to 1,000,000 of its common shares through one or more private agreements with an arm's-length third-party seller.
The private agreement purchase(s) will be made according to an issuer bid exemption order issued by the Ontario Securities Commission on December 16, 2016 (the Order).
The common shares purchased will be counted towards the 8 million common shares (subject to a maximum aggregate purchase price of $250 million) that TELUS is entitled to purchase for cancellation over a 12-month period, commencing September 30, 2016, under its 2017 normal course issuer bid (the NCIB) announced on September 28, 2016.
Common shares purchased by way of one or more private agreements including the Order will not exceed, in aggregate, more than one-third of the maximum number of common shares that TELUS is permitted to purchase under the NCIB. The price that TELUS will pay for the common shares purchased under the private agreement(s) will be negotiated by TELUS and the sellers and will be at a discount to the market price of TELUS' common shares on the Toronto Stock Exchange at the time of purchase.
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 following month.
Caution Regarding Forward-Looking Statements
This media release contains statements about future events, including with respect to our 2017 normal course issuer bid 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 and there can be no assurances that TELUS will complete all purchases under the 2017 normal course issuer bid. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. 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 those 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 Canada's fastest-growing national telecommunications company, with $12.7 billion of annual revenue and 12.6 million subscriber connections, including 8.5 million wireless subscribers, 1.6 million high-speed Internet subscribers, 1.4 million residential network access lines and more than 1.0 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider.
For more information about TELUS, please visit www.telus.com.