NEW YORK, N.Y. – U.S. hedge fund Mason Capital Management says the B.C. Court of Appeal will hear its challenge of a recent ruling that favoured Telus.
The appeal of the Supreme Court of British Columbia ruling that prevented Mason from holding a rival meeting of Telus shareholders next month has been fast-tracked to October 4, 2012, in order to decide the matter prior to the October 17 meeting of Telus shareholders.
Mason has been locked in a bitter dispute with Telus over the telecom’s proposed plan to eliminate its dual-class share structure without paying a premium to voting shareholders, including itself, to reflect their higher value on the open market
The hedge fund maintains it has strong grounds of appeal, and that 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,” it said in a release.
