Telus dismisses shareholder concerns over foreign ownership levels

NEW YORK and VANCOUVER – One of Telus’ biggest shareholders is demanding that the telco disclose its current foreign ownership levels to verify that it is in compliance with the Canadian ownership requirements. U.S. hedge fund Mason Capital Management LLC made public a letter that it sent Telus on Thursday citing information from the proxies submitted for Telus’ recent annual shareholders meeting which it claims shows that approximately 42% of voting shares voted at the meeting were held by shareholders who declared themselves non-Canadian or refused to answer the required declaration as to their residency. Under the Telecommunications Act and other related statutes,...