TELUS President and CEO Darren Entwistle exercised 303,183 options, purchasing 122,475 shares with entire after-tax proceeds
VANCOUVER, Feb. 27, 2013 /CNW/ - Yesterday TELUS President and CEO Darren Entwistle exercised 303,183 common share options, re-investing the after-tax proceeds to purchase 122,475 TELUS common shares. Mr. Entwistle now holds 668,830 TELUS common shares.
Investing in TELUS shares is consistent with Mr. Entwistle's past practice, aligning his interests with those of TELUS' more than 300,000 shareholders and demonstrating his continuing confidence in the company's strategy.
As previously disclosed, Mr. Entwistle is taking his 2013 cash salary compensation in TELUS shares for the fourth straight year.
Earlier this month when TELUS released its fourth quarter financial results, Mr. Entwistle noted the company's strong free cash flow and 2013 targeted growth in EBITDA and EPS support TELUS' shareholder dividend growth model. This is a three-year plan to increase share dividends by approximately 10 per cent a year to the end of 2013.
It was also disclosed that TELUS will update investors, at its upcoming annual general meeting on May 9, on TELUS' dividend growth model for the next three years to 2016 and the company's intentions with respect to a multi-year share repurchase program.
Forward looking statement
This news release contains statements about future events of TELUS 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. 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 that expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions (including assumptions for 2013 annual targets and semi-annual dividend increases to 2013), qualifications and risk factors referred to in the fourth quarter 2012 Management review of operations and Management's discussion and analysis in the other 2012 quarterly reports and 2011 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). In addition, there can be no assurance that the Company will initiate a normal course issuer bid in 2013 or maintain its dividend growth model beyond 2013. Except as 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 at its sole discretion, its current practice of updating annual targets and guidance.
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in Canada, with $10.9 billion of annual revenue and more than 13.1 million customer connections, including 7.7 million wireless subscribers, 3.4 million wireline network access lines, 1.4 million Internet subscribers and 678,000 TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video.
In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed more than $300 million to charitable and not-for-profit organizations and volunteered 4.8 million hours of service to local communities since 2000. Fourteen TELUS Community Boards lead TELUS' local philanthropic initiatives. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.
For more information about TELUS, please visit telus.com.
SOURCE TELUS Corporation