The Toronto Stock Exchange (TSX) has approved Telus Corp.'s normal course issuer bid (NCIB) to purchase and cancel up to 16 million of its outstanding common shares (up to $500 million ) in 2014 through the facilities of the TSX, the New York Stock Exchange (NYSE) and alternative trading platforms or otherwise as may be permitted by applicable securities laws and regulations from January 2, 2014 to December 31, 2014 . According to a release, this represents approximately 2.6 per cent of outstanding Telus common shares, and will be purchased only when and if the company considers it advisable. Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 421,589 common shares (being 25 percent of the average daily trading volume of Telus common shares for the 6 months preceding the date of the NCIB notice to the TSX, which was equal to 1,686,357 common shares), subject to certain exceptions for block repurchases. As of December 4 , Telus had 623,419,384 common shares issued and outstanding. Telus will pay the market price at the time of acquisition for any common shares purchased under the NCIB through the TSX, the NYSE or alternative trading platforms. Telus may also purchase common shares privately from time to time after obtaining exemption orders from applicable securities regulatory authorities. Any such private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price as provided in the exemption order. Telus is also planning to enter into an automatic share purchase plan (ASPP) with a broker for the purpose of permitting Telus to purchase shares under its NCIB during internal blackout periods when Telus would not be permitted to trade in its shares, including regularly scheduled quarterly blackout periods. Such purchases would be pursued at the sole discretion of the broker based on parameters established by TELUS prior to any blackout period in accordance with TSX rules, applicable securities laws and the terms of the agreement between the broker and TELUS . The ASPP has been approved by the TSX and may be implemented as early as January 2, 2014 , and from time to time thereafter. All other purchases under the NCIB will be at the discretion of the company. Telus currently has in place a NCIB program which ends on December 31 . On September 24 , TELUS had reached the maximum amount under the 2013 NCIB, having purchased 31,180,612 common shares for a weighted average price of $32.07 per share. Telus' Board of Directors believes that such 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. Purchases of common shares pursuant to the NCIB may commence on January 2, 2014 , and will end on or before December 31, 2014 . Telus is a national telecommunications company. ((Comments on this story may be sent to firstname.lastname@example.org ))
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