Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of ____October__________ 2004
(Commission File No. 000-24876)
TELUS Corporation
(Translation of registrant's name into English)
21st Floor, 3777 Kingsway
Burnaby, British Columbia V5H 3Z7
Canada
(Address of principal registered offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
X
Form 20-F _____ Form 40-F _____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
X
Yes _____ No _____
This Form 6-K consists of the following:
Quarterly TELUS dividend increased by 33%
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News release via Canada NewsWire, Calgary 403-269-7605
Attention Business/Financial Editors:
Quarterly TELUS dividend increased by 33%
Dividend reinvestment plan amended
VANCOUVER, Oct. 29 /CNW/ - The Board of Directors of TELUS Corporation
has declared a quarterly dividend of twenty cents ($0.20) per share on the
outstanding Common Shares and outstanding Non-Voting Shares of TELUS. This
represents an increase of 33% from the fifteen cents ($0.15) declared last
quarter. The dividend is payable on January 1, 2005 to holders of record at
the close of business on December 10, 2004.
"The decision to increase the dividend is consistent with our
longstanding commitment to balance the interests of debt holders and
shareholders," stated Darren Entwistle, president and chief executive officer.
"TELUS' continued strong revenue, earnings and cash flow growth results
reported again this quarter, along with our healthy balance sheet position and
our confidence in future growth prospects, enables TELUS to increase the
dividend by 33% while expecting continued debt reduction. Today's disclosure
of a Board approved target of a dividend payout ratio range of 45 to 55% of
future net earnings also provides investors with a useful basis to understand
our approach towards future dividend growth."
Robert McFarlane, executive vice president and chief financial officer
noted "this dividend decision was made from a position of financial strength.
As a result of consistently strong free cash flow generation, we have achieved
15 months ahead of schedule our long-term de-leveraging targets, specifically
net debt to EBITDA of 2.2 times or less and net debt to total capitalization
of 45 to 50%. Going forward, we will continue to target improved debt ratings
in the BBB+ to A- range. With the dividend increase, TELUS will move into very
select territory by being in the top quartile among dividend paying S&P/TSX
companies with respect to both dividend yield and payout ratio, as well as
having significant organic growth potential as reflected in today's release of
our strong third quarter operating and financial results. This represents an
attractive and rare combination of investment attributes."
TELUS is also amending the TELUS dividend reinvestment plan (Plan) terms
to provide the choice of open market purchases of TELUS shares, as well as
issuing shares from Treasury. Effective January 1, 2005, subject to regulatory
approval, the Company will begin open market purchases of shares and there
will be no discount (previously 3%) on the purchase price of Plan shares.
Robert McFarlane commented, "This change reflects our intent to curtail the
issuance of equity and reduce shareholder dilution and puts TELUS in line with
the dividend reinvestment plans of our North American telecom peers."
About TELUS
TELUS (TSX: T, T.NV; NYSE: TU) is the largest telecommunications company
in Western Canada and the second largest in the country, with more than
$7 billion of annual revenue, 4.8 million network access lines and 3.7 million
wireless subscribers. The company provides subscribers with a full range of
telecommunications products and services including data, voice and wireless
services across Canada, utilizing next generation Internet-based technologies.
TELUS was a premier founding supporter of the successful bid to bring the 2010
Olympic and Paralympic Winter Games to Canada.
Forward Looking Disclosure statement
=============================================================================
This document contains statements about expected future events and
financial and operating results of TELUS Corporation (TELUS or the Company)
that are forward-looking. By their nature, forward-looking statements require
the Company to make assumptions and are subject to inherent risks and
uncertainties. There is significant risk that predictions and other
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 results, conditions, actions or
events to differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
Factors that could cause actual results to differ materially include but
are not limited to: competition; economic fluctuations; financing and debt
requirements; tax matters; dividends; share repurchase implementation; human
resources (including the outcome of outstanding labour relations issues);
technology (including reliance on systems and information technology);
regulatory developments; process risks; health and safety; strategic partners;
litigation; business continuity events and other risk factors discussed herein
and listed from time to time in TELUS' reports, comprehensive public
disclosure documents, including the Annual Information Form, and in other
filings with securities commissions in Canada (filed on SEDAR at
www.sedar.com) and the United States (filed on EDGAR at www.sec.gov).
For further information, see the Risks and uncertainties section in
TELUS' 2003 annual Management's discussion and analysis, and significant
updates in interim reports for the first three quarters of 2004.
The Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
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/For further information: please contact:
Media - Nick Culo,
(780) 493-7236, nick.culo(at)telus.com;
Investors - John Wheeler,
(780) 493-7310, ir(at)telus.com/
(T. T.NV. TU)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: October 29, 2004
TELUS Corporation
/s/ Audrey Ho
_____________________________
Name: Audrey Ho
Title: Vice President, Legal Services and
General Counsel and Corporate Secretary