TELUS receives approval for renewal of issuer in the normal course
VANCOUVER, British Columbia, June 02, 2021 (GLOBE NEWSWIRE) – TELUS Corporation (TELUS) has received approval from the Toronto Stock Exchange (TSX) for a new normal course tender offer (2021 NCIB) of purchase and cancellation, when and if deemed desirable, up to C $ 250 million in shares during the 12 months beginning June 4, 2021.
The new public tender offer will allow the purchase of up to 16 million shares of TELUS (1.18% of its shares outstanding as of May 28, 2021) for a total purchase price of up to $ 250 million from June 4, 2021 to June 3, 2022. through the facilities of the TSX, the New York Stock Exchange (NYSE) and other Canadian trading platforms or as otherwise permitted by applicable securities laws. The maximum number of shares that can be purchased during a single trading day on the TSX is 802,109 shares (i.e. 25% of the average daily trading volume for the six-month period ended May 31, 2021, which corresponds to 3 208,437 shares), subject to certain exceptions for bulk purchases. As of May 28, 2021, TELUS had 1,354,984,808 shares issued and outstanding.
Shares purchased through the TSX, NYSE or other Canadian trading platforms will be purchased at market price. TELUS may also purchase shares on a private basis pursuant to relief orders from applicable securities regulatory authorities, and such purchases will generally be at a discount to the then current market price.
Our 2020 share buyback offer, for which we had received approval to purchase up to 16 million shares for a total purchase price of up to C $ 250 million, closed on January 1 2021. TELUS did not purchase any shares as part of its 2020 share buyback offer.
TELUS may enter into automatic share purchase plans (ASPP) with a broker to allow TELUS to purchase shares as part of its issuer bid during internal blackout periods. Such purchases would be at the discretion of the broker based on pre-established parameters. Subject to TSX approval, the ASPP may be implemented on July 2, 2021 and from time to time thereafter.
The TELUS Board of Directors believes that any purchase made in connection with the public tender offer will be in the best interests of TELUS and that such purchases will constitute an attractive investment opportunity which should increase the value of the remaining shares.
This press release contains statements about events and future plans of TELUS (the Company) 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 a significant risk that forward-looking statements will not prove to be accurate. The forward-looking statements contained in this press release describe the Company’s expectations as of the date of this press release and, therefore, are subject to change after this date. 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 the assumptions and forecasts expressed in forward-looking statements. More specifically, there can be no assurance as to the number of shares, if any, that will ultimately be acquired by TELUS as part of its 2021 public tender offer. Accordingly, this press release is subject to the disclaimer of liability. and subject to the assumptions, reservations and risk factors mentioned in the MD&A for the first quarter of 2021, and in other TELUS public information documents and filed with the securities commissions in Canada .com) and the United States (on EDGAR on sec.gov), including factors such as the wide range of possible outcomes from the COVID-19 pandemic and the uncertainty over how long the pandemic will last, the measures in place to limit its spread and transmission, and its impact on our business, regulatory decisions and developments, the competitive environment, economic performance in Canada, the Company’s earnings and free cash flow summer, levels of capital spending and purchases of the Company’s spectrum licenses, all of which may affect the Company’s ability or decision to purchase shares as part of its 2021 public tender offer. 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, in its sole discretion, its current practice of updating objectives and annual guidelines.
TELUS (TSX: T, NYSE: TU) is a dynamic, world-class communications technology company with annual revenues of $ 16 billion and 16 million customer connections spanning wireless, data, IP services. , voice, television, entertainment, video and security. We leverage our cutting edge technology and compassion to achieve remarkable human results. Our long-standing commitment to putting our customers first feeds into every aspect of our business, making us a distinct leader in customer service excellence and loyalty. In 2020, TELUS was recognized as having the fastest wireless network in the world, reinforcing our commitment to providing Canadians with access to superior technology that connects us to the people, resources and information that improve our lives. TELUS Health is the Canadian leader in digital health technology, improving access to health and wellness services and revolutionizing the flow of health information across the continuum of care. TELUS Agriculture provides innovative digital solutions throughout the agricultural value chain, supporting better food outcomes through improved knowledge and processes on agri-food data. TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator delivering next-generation AI and content management solutions for global brands in tech and games , e-commerce and FinTech, communications and media, health, travel and hospitality. TELUS and TELUS International operate in more than 25 countries around the world.
Driven by our passionate social goal of connecting all citizens for good, our deeply meaningful and enduring philosophy of giving where we live has inspired TELUS, our team members and retirees to donate over $ 820 million and 1, 6 million days of service since 2000. Unparalleled generosity and volunteerism have made TELUS the most generous company in the world.
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