Offer to purchase CLEARNET.pdf - About TELUS
Offer to purchase CLEARNET.pdf - About TELUS
Offer to purchase CLEARNET.pdf - About TELUS
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Pre-emptive Rights<br />
GTE Corporation (a part of Verizon Communications) has the right <strong>to</strong> acquire its pro rata share of any<br />
issue by <strong>TELUS</strong> of <strong>TELUS</strong> Common Shares or <strong>TELUS</strong> Non-Voting Shares including the <strong>TELUS</strong> Non-Voting<br />
Shares <strong>to</strong> be issued under the <strong>Offer</strong>s.<br />
Price Range and Trading Volume of <strong>TELUS</strong> Non-Voting Shares<br />
The <strong>TELUS</strong> Non-Voting Shares are listed and posted for trading on the TSE. The following table sets forth<br />
the high and low sales prices and volumes of sales of the <strong>TELUS</strong> Non-Voting Shares traded on the TSE for the<br />
periods indicated.<br />
High<br />
Price Range<br />
Low Volume<br />
$ $ (No. of<br />
Shares)<br />
2000<br />
First Quarter .................................... 44.25 33.00 10,348,416<br />
April .......................................... 43.05 37.50 1,833,287<br />
May .......................................... 41.75 34.60 3,126,084<br />
June .......................................... 42.95 35.50 3,013,593<br />
July ........................................... 46.45 40.10 1,701,073<br />
August ........................................ 46.15 34.10 16,716,510<br />
September 1 <strong>to</strong> September 18 ........................<br />
1999<br />
40.65 38.55 5,247,990<br />
February 1 <strong>to</strong> March 31 ............................ 40.75 33.50 5,423,080<br />
Second Quarter .................................. 39.50 33.95 4,251,753<br />
Third Quarter ................................... 35.35 28.80 3,700,192<br />
Fourth Quarter .................................. 35.95 27.25 4,522,370<br />
There is no his<strong>to</strong>ry of trading of <strong>TELUS</strong> Non-Voting Shares prior <strong>to</strong> February 1, 1999 as those shares were<br />
issued as part of the arrangement between BC Telecom Inc. and <strong>TELUS</strong> Corporation on that date.<br />
On August 18, 2000, the last trading day prior <strong>to</strong> the public announcement by <strong>TELUS</strong> of its intention <strong>to</strong><br />
make the <strong>Offer</strong>s, the closing trading price of a <strong>TELUS</strong> Non-Voting Share was $43.25 per share and the weighted<br />
average trading price of the <strong>TELUS</strong> Non-Voting Shares was $42.79, on the TSE. The closing price of a <strong>TELUS</strong><br />
Non-Voting Share on September 18, 2000 was $39.60 on the TSE.<br />
Ownership of <strong>TELUS</strong> Shares<br />
To the knowledge of the <strong>Offer</strong>ors and their direc<strong>to</strong>rs and officers after reasonable inquiry, no person or<br />
company beneficially owns, directly or indirectly, or controls or exercises direction over more than 10% of any<br />
class of equity securities of <strong>TELUS</strong> or shares of <strong>TELUS</strong> carrying more than 10% of the votes attached <strong>to</strong> the<br />
shares of <strong>TELUS</strong> other than Anglo-Canadian Telephone Company (‘‘Anglo-Canadian’’) which owned, directly<br />
and indirectly on September 18, 2000, 47,354,954 <strong>TELUS</strong> Common Shares and 15,784,984 <strong>TELUS</strong> Non-Voting<br />
Shares representing approximately 26.6% of the issued and outstanding <strong>TELUS</strong> Common Shares and <strong>TELUS</strong><br />
Non-Voting Shares, respectively. Anglo-Canadian is beneficially owned and controlled as <strong>to</strong> 100% of its<br />
Common Shares by GTE Corporation, a part of Verizon Communications of New York. No person or company<br />
is acting jointly or in concert with the <strong>Offer</strong>ors.<br />
Dividend Policy<br />
The declaration and payment of dividends is at the sole discretion of its board of direc<strong>to</strong>rs and will be<br />
dependent upon <strong>TELUS</strong>’ results of operations, financial condition and cash requirements from time <strong>to</strong> time, and<br />
subject <strong>to</strong> restrictions on dividends set forth in <strong>TELUS</strong>’ existing and future credit arrangements. Since<br />
February 1, 1999, the board of direc<strong>to</strong>rs of <strong>TELUS</strong> has declared and paid quarterly dividends of $0.35 per<br />
<strong>TELUS</strong> Non-Voting Share. It is not <strong>TELUS</strong>’ current intention <strong>to</strong> reduce dividend payments. See also<br />
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