VANCOUVER – Telus has announced that the Supreme Court of B.C. has given approval for it to proceed with a vote on its share exchange proposal despite an appeals court ruling that sided with U.S. hedge fund investor Mason Capital.
The Supreme Court of B.C. rejected Mason Capital’s attempt to challenge Telus’ share exchange proposal says Telus. The Court confirmed the validity of the order it had initially granted to Telus enabling the company’s shareholders to vote on its proposal to exchange non-voting shares for common shares on a one-for-one basis. The proposal requires approval of two-thirds of the company’s non-voting share votes and a majority of common share votes.
“We are pleased that the Supreme Court of B.C. has once again provided their support for our share exchange proposal to proceed, rejecting the latest legal maneuver from Mason Capital whose net economic ownership position in our company is a mere 0.02%,” said Darren Entwistle, TELUS President and CEO. “With 92.4% support from our committed investors realized from our first proposal earlier this year and both independent proxy advisory firms, ISS and Glass Lewis, endorsing our proposal once again, we firmly believe this proposal is fair and significantly beneficial to all shareholders. Moreover, this effort is supporting material value creation for our company and both classes of our shareholders.”
