Telus 2009 Annual Report Download - page 13

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to operate a video-on-demand programming service. All of TELUS’ services are fully
digital and thus benefit from the more flexible regulatory regime regarding BDU
packaging established by the CRTC in its Digital Migration Framework.
See MD&A Section 10.3 Regulatory for further details related to regulation generally and
specifically in relation to TELUS’ broadcasting distribution undertakings and CRTC
review of new media and internet traffic management practices.
COMPETITION
TELUS expects continued strong competition in the wireline and wireless businesses in
all principal markets and geographic areas. See MD&A Section 4.1 Principal markets
addressed and competition for a summary of the competitive environment in each of
TELUS’ principal markets and geographic areas. Also refer to MD&A Section 10.1
Competition for further details on the risks associated with such competitive
environment.
DIVIDENDS DECLARED
The dividends per Common Share and Non-Voting Share declared with respect to each
quarter by TELUS, during the three-year period ended December 31, 2009, are shown
below:
Quarter ended (1) 2009 2008 2007
March 31 $0.475 $0.45 $0.375
June 30 $0.475 $0.45 $0.375
September 30 $0.475 $0.45 $0.375
December 31 $0.475 $0.475 $0.45
(1) Paid on the first business day of the next month.
TELUS’ Board of Directors reviews its dividend rate quarterly. TELUS’ quarterly dividend
rate will depend on an ongoing assessment of free cash flow generation and financial
indicators including leverage, dividend yield and payout ratio. The Company’s dividend
payout ratio target guideline is 45 per cent to 55 per cent of sustainable net earnings, on a
prospective basis.
CAPITAL STRUCTURE OF TELUS
The authorized capital of TELUS consists of 4,000,000,000 shares, divided into: 1)
1,000,000,000 Common Shares without par value; 2) 1,000,000,000 Non-Voting Shares
without par value; 3) 1,000,000,000 First Preferred shares without par value, issuable in
series and; 4) 1,000,000,000 Second Preferred shares without par value, issuable in
series. The Common Shares and Non-Voting Shares are listed for trading on the
Toronto Stock Exchange and the Non-Voting Shares are listed for trading on the New
York Stock Exchange. See “Market for Securities”.
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