VANCOUVER, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — TELUS Corporation (TELUS) has received approval from the Toronto Stock Exchange (TSX) for a new Normal Course Issuer Bid (NCIB 2022) to purchase and cancel, when and if deemed advisable, up to C$250 million in shares during the 12 months beginning June 6, 2022.
The 2022 issuer bid will purchase up to 10 million shares of TELUS (0.72% of its outstanding shares as of May 30, 2022) for an aggregate purchase price of up to $250 million Canadian dollars from June 6, 2022 to June 5, 2023 through the facilities of the TSX, New York Stock Exchange (NYSE) and other Canadian trading systems or otherwise permitted by applicable securities laws. The maximum number of shares that may be purchased during a single trading day on the TSX is 715,299 shares (or 25% of the average daily trading volume for the six months ended April 30, 2022, which was equal to 2 861,199 shares), subject to certain exceptions for bulk purchases. As of May 30, 2022, TELUS had 1,380,852,865 shares issued and outstanding.
Shares purchased through the TSX, NYSE or other Canadian trading systems will be purchased at market price. TELUS may also purchase shares privately pursuant to exemption orders from the applicable securities regulatory authorities, and such purchases will generally be made at a discount to the prevailing market price.
Our 2021 issuer bid, for which we received approval to purchase up to 16 million shares for an aggregate purchase price of up to C$250 million, will close on June 3, 2022. TELUS did not purchase any shares under its 2021 tender offer.
TELUS may enter into Automatic Share Purchase Plans (ASPPs) with a broker to allow TELUS to purchase shares under its 2022 TPO during internal blackout periods. These purchases would be at the discretion of the broker based on pre-established parameters. Subject to TSX approval, the ESAP may be implemented on July 4, 2022 and from time to time thereafter.
The TELUS Board of Directors believes that any purchases made under the 2022 issuer bid will be in the best interests of TELUS and that such purchases will provide an attractive investment opportunity that should increase the value of the remaining shares.
This news release contains statements about future events and plans at TELUS (the Company) that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and forecasts 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, 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 events to differ materially from the assumptions and forecasts expressed in the forward-looking statements. Specifically, there can be no assurance as to the number of shares, if any, that will ultimately be acquired by TELUS under its 2022 public tender offer. Accordingly, this press release is subject to the disclaimer and condition assumptions, reservations and risk factors referenced in TELUS’ first quarter 2022 MD&A, as well as other public disclosure documents of TELUS and filed with securities commissions in Canada (on SEDAR at address sedar .com) and in the United States (on EDGAR at sec.gov), including factors such as the COVID-19 pandemic and uncertainty regarding 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 and the Company’s capital levels, which may t all affect the Company’s ability or decision to purchase shares under its 2022 issuer bid. Except as required by law, TELUS disclaims any intention or obligation to update or to revise forward-looking statements and reserves the right to change, at any time, in its sole discretion, its current practice of updating annual targets and forecasts.
TELUS (TSX: T, NYSE: TU) is a dynamic, leading communications technology company with $17 billion in annual revenue and 17 million customer connections spanning wireless, data, IP , voice, television, entertainment, video and security. Our social purpose is to leverage our cutting-edge technology and compassion to drive social change and enable remarkable human results. Our long-standing commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The many sustained accolades TELUS has received over the years from independent, industry-leading network analytics firms are a testament to the strength and speed of TELUS’ world-class networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to people. , resources and information that improve our lives.
TELUS Health is Canada’s 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 across the agriculture value chain, driving better food outcomes through improved agribusiness data insights and processes. TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds and delivers next-generation solutions, including AI and content management, for global brands and disruptive in high-growth verticals, including technology and gaming. , communications and media, and e-commerce and FinTech. TELUS and TELUS International operate in more than 25 countries around the world.
Driven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy of giving where we live has inspired TELUS, our team members and retirees to contribute more than $900 million and 1 .8 million days of service since 2000. This generosity and unparalleled volunteerism have made TELUS the most generous company in the world. Together, let’s make the future friendly.
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