TELUS To Buyback A Maximum of 1.583 Million Shares Under Private Agreements

TELUS Corporation TU revealed that it plans to buyback a maximum of 1.58 million shares through private agreements with an arm's-length third-party seller. According to the company, the private agreement purchases would be made according to an issuer bid exemption order issued by the Ontario Securities Commission on March 22, 2016.

TELUS said the common shares bought will be counted towards the 16 million common shares, subject to a maximum aggregate purchase price of $500 million that the company is entitled to acquire for cancellation over a 12-month period, commencing September 15, 2015.

The company said in a statement, "Common shares purchased by way of private agreements pursuant to off-exchange block purchases including the Order will not exceed, in aggregate, more than one-third of the maximum number of common shares that TELUS is permitted to purchase under the NCIB. The price that TELUS will pay for the common shares purchased under the private agreements will be negotiated by TELUS and the sellers and will be at a discount to the market price of TELUS' common shares on the Toronto Stock Exchange at the time of purchase."

The stock traded 1.42 percent down on Monday.