TELUS To Extend Multi-year Dividend Growth And Share Purchase Programs

(RTTNews) - TELUS Corp. (TU, T.TO) announced its intention to target ongoing semi-annual dividend increases, with the annual increase in the range of seven to 10 percent from 2017 through to the end of 2019. The announcement further extends TELUS' multi-year dividend growth program originally announced in May 2011 and initially extended in May 2013. The company's long-term dividend payout ratio guideline is 65 to 75 percent of prospective net earnings.

TELUS announced intention to renew normal course issuer bid program in each year of the next three years in order to permit purchases for up to $250 million in each such calendar year. This announcement extends TELUS' share purchase program originally announced in May 2013.

TELUS also announced it has reached an agreement in principle with Bell Canada Enterprises that will see approximately one-third of Manitoba Telecom Services postpaid wireless customers become TELUS customers once the purchase of MTS by BCE concludes. Bell will also assign one-third of MTS' dealer locations in Manitoba to TELUS.

TELUS Board has declared a quarterly dividend of 46 cents Canadian per share on the issued and outstanding Common Shares of the company payable on July 4, 2016 to holders of record at the close of business on June 10, 2016. The second quarter dividend represents a four cent increase from the $0.42 quarterly dividend paid on July 2, 2015.