TELUS Corporation (TELUS) has received approval from the Toronto Stock Exchange (TSX) for a new normal course issuer bid (2021 NCIB) to purchase and cancel, when and if considered advisable, up to C$250 million in shares over the 12 months commencing on June 4, 2021.
The new NCIB will permit the purchase of up to 16 million TELUS shares (1.18 per cent of its outstanding shares as at May 28, 2021) for an aggregate purchase price of up to C$250 million from June 4, 2021 to June 3, 2022 through the facilities of the TSX, the New York Stock Exchange (NYSE) and alternative Canadian trading platforms or as otherwise permitted by applicable securities laws. The maximum number of shares that can be purchased during the same trading day on the TSX is 802,109 shares (being 25 per cent of the average daily trading volume for the six months ended May 31, 2021, which was equal to 3,208,437 shares), subject to certain exceptions for block purchases. As of May 28, 2021, TELUS had 1,354,984,808 shares issued and outstanding.
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Shares purchased through the facilities of the TSX, NYSE or alternative Canadian trading platforms will be purchased at market price. TELUS may also purchase shares privately pursuant to exemption orders from applicable securities regulatory authorities, and such purchases will generally be at a discount to the prevailing market price.
Our 2020 NCIB, for which we had received approval to purchase up to 16 million shares for an aggregate purchase price of up to C$250 million, concluded on January 1, 2021. TELUS did not purchase any shares pursuant to its 2020 NCIB.
TELUS may enter into automatic share purchase plans (ASPP) with a broker to permit TELUS to purchase shares under its NCIB during internal blackout periods. Such purchases would be at the discretion of the broker based on prearranged parameters. Subject to TSX approval, the ASPP may be implemented on July 2, 2021, and from time to time thereafter.
TELUS’ Board of Directors believes that any purchases made under the NCIB will be in the best interest of TELUS and that such purchases will constitute an attractive investment opportunity that should enhance the value of the remaining shares.
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