Canadian telco Telus has finally implemented its share conversion plan as of today.
The company had announced its intention to exchange all non-voting shares for common shares on a one-for-one basis nearly a year ago.
But major Telus shareholder Mason…
Canadian telco Telus has finally implemented its share conversion plan as of today.
The company had announced its intention to exchange all non-voting shares for common shares on a one-for-one basis nearly a year ago.
But major Telus shareholder Mason Capital opposed the change arguing that it did not reflect the true value of the common shares which had historically traded higher than non-voting shares.
Following the hedge fund’s resistance Telus had to withdraw its original proposal in May last year.
In August a new attempt was launched. This time Telus lowered the threshold of shareholder support required for approval of the conversion. Despite continued opposition by the activist investor an EGM approved the move in mid October 2012. Soon after, Mason reduced its short positions in the operator.
In January Telus announced that Mason had abandoned all litigation relating to the swap, thereby paving the way to implement the share conversion.
