A court has granted Telus’ activist investor Mason Capital Management an expedited appeal after the Supreme Court of British Columbia’s decision last week to block the hedge fund holding a meeting of Telus shareholders.
In a statement Mason said…
A court has granted Telus’ activist investor Mason Capital Management an expedited appeal after the Supreme Court of British Columbia’s decision last week to block the hedge fund holding a meeting of Telus shareholders.
In a statement Mason said the chief justice has scheduled the appeal to be held on 4 October, ahead of Telus’ EGM on 17 October.
The hedge fund, which owns roughly 20% of the telco, wants to hold a shareholder meeting on 17 October, hours before Telus’ EGM to vote on the collapse of its dual-class share structure.
In its separate meeting Mason plans for holders of common stock to vote on a proposal that would guarantee a premium for them of at least 4.75% more than holders of non-voting stock in the event of Telus successfully mothballing its dual-class structure.
Telus favours a one-for-one exchange which would see it value both types of share the same.
Today Mason reiterated its believe that it has strong grounds for appeal.
“It is critical that the owners of the Telus voting shares have the opportunity to vote on a binding change to Telus’ articles that would establish an appropriate minimum premium for voting shares in a dual class collapse transaction,” the hedge fund said in a statement.
