Proxy Season Insider 2013/05/03: Telus

Telus | T | Meeting Date: 2013/05/09
As the dust begins to settle from a widely criticized and particularly contentious play by Mason Capital Management, a U.S. hedge fund, Telus can definitively claim its victory after approximately 81.1% of the total shares voted in favor of the Company’s share conversion, comprising 62.9% support from common shareholders and 99.5% support from non-voting shareholders. Mason didn’t go down without a fight, however, seeking appeals in the Supreme Court of British Columbia centering on the required approval for the share conversion as well as the overall legitimacy of the Company’s special meeting held on October 17, 2012. Nonetheless, in December 2012 the Court approved the conversion, concluding that it was fair and reasonable and rejected Mason’s arguments and appeals. As of January 10, 2012, Mason had reduced its holdings of the Company common shares to approximately 3.4% of the Company’s total voting shares, down from about 19.0% at its peak. Interestingly, Mason could have recognized substantial gains had it made straight forward investments in the Company’s common or non-voting shares, both of which have seen significant gains in share price since January 2012.

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