Common shares commence trading on split basis today on TSX and NYSE
VANCOUVER, April 17, 2013 /PRNewswire/ - TELUS announced today that it has completed its previously announced two-for-one stock split of the company's common shares. On April 16, 2013, each TELUS shareholder of record as of the previous day - April 15, 2013 - received one additional share for each share owned. The newly issued common shares commenced trading on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) at the start of business today.
As a result of the completion of the stock split, the number of TELUS common shares outstanding has doubled to approximately 653.7 million while the trading price of each share will be approximately half of yesterday's closing price of $70.56.
"TELUS' stock split builds upon a number of shareholder friendly-initiatives we have undertaken in recent years, including our exchange of non-voting shares for voting shares to create a single share class and our three-year, 10 per cent per annum dividend growth model, " said Darren Entwistle, TELUS President and CEO. "By enhancing the liquidity and affordability of our shares for investors, we are striving to create value for the millions of Canadians who own TELUS shares as retail investors or through their mutual or retirement funds."
TELUS shareholders, with or without a physical share certificate, do not need to take any action, as the company has moved to a simple Direct Registration System (DRS). TELUS' transfer agent, Computershare, has sent registered common shareholders a DRS advice form, which represents the additional number of common shares that they receive as a result of the stock split. This allows shareholders to hold their additional common shares in a "book entry" form without having a physical share certificate issued.
Caution regarding forward looking statements
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 semi-annual dividend increases), qualifications and risk factors referred to in the Management's discussion and analysis in the 2012 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). The stock split is generally not expected to have unfavorable tax consequences to holders of shares in Canada or the United States. However, shareholders are cautioned to seek their own tax advice from their own tax advisors. 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