This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TELUS Completes Normal Course Issuer Bid

Stocks in this article: T TU

Purchased 31.2 million TELUS shares for $1 billion

VANCOUVER, Sept. 24, 2013 /PRNewswire/ - TELUS has completed its previously-announced Amended Normal Course Issuer Bid (NCIB) program, purchasing 31.2 million shares or 4.8 per cent of its outstanding shares for $1 billion, reflecting an average price paid of $32.07 per share.

Darren Entwistle, TELUS President and CEO said, "TELUS reached a significant milestone today, completing our 2013 share purchase program and returning $1 billon to our shareholders. Consistent with our goals of providing sustained and superior investment returns to our shareholders, TELUS share purchases were doubled in the first year of this four-year program, enabling us to capitalize on our strong balance sheet and attractive share price to purchase additional shares and thus return more value to shareholders than first envisioned. When including dividend payments and share purchases, TELUS has returned more than $1.6 billion to shareholders in the first nine months of this year."

"TELUS is in a unique position in that we are returning significant amounts of capital to shareholders through share purchases and dividends, whilst simultaneously investing in advanced broadband technology and services to support ongoing sustainable business growth. When coupled with our relentless focus on putting customers first and our continued diligence on efficiency, TELUS is in a strong position to successfully complete our shareholder friendly initiatives through 2016," Mr. Entwistle added.

The average NCIB purchase price of $32.07 per share represents a 10 per cent discount to the closing share price on September 24, 2013. Cancelling 31.2 million shares will save TELUS approximately $42 million in annual dividend payments.

Supporting TELUS' goals of returning capital to shareholders, the company extended its semi-annual dividend growth program to 2016, normally announced in May and November, and is targeting to increase the dividend in the range of circa 10 per cent annually. In addition, TELUS currently intends to renew its NCIB share purchase program in each of the next three years in order to permit purchases of up to $500 million in each calendar year. Future dividends and NCIBs will be dependent on earnings and free cash flow, subject to Board assessment and determination, and obtaining regulatory (including TSX) approvals for future NCIBs.

TELUS' Board of Directors believes that such share 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs