Mason Capital Management LLC (“Mason”) today issued the following statement regarding its intention to pursue its requisition of a meeting of holders of the TELUS Corporation (TSX:T; TSX:T.A; NYSE: TU) voting shares to allow holders to vote on the minimum acceptable premium valuation of the voting shares relative to the non-voting shares in any transaction undertaken by TELUS involving the exchange or conversion of non-voting shares into voting shares (a “Dual Class Collapse Transaction”):
Michael Martino, Principal and Co-Founder of Mason Capital, said, "Mason fully stands by its requisition for a shareholders meeting to give the voting shareholders of TELUS - who have paid a premium for their voting rights - the opportunity to vote on a binding change to TELUS' articles to establish an appropriate minimum premium to be paid in any dual-class collapse transaction. Only the voting shareholders would have the right to vote at the meeting as the proposal in no way interferes with the rights or privileges of the holders of non-voting shares. Mason and its counsel anticipated that TELUS would attempt to frustrate this proposal by falsely claiming that the non-voting shareholders are also entitled to a vote. Mason will take appropriate steps to see its requisition through.”
Mr. Martino continued, “TELUS' new proposal to collapse the shares on a one-for-one ratio is the very same proposal that was rejected by shareholders a few short months ago, except that TELUS appears to be attempting to circumvent the protections afforded to the voting shareholders under the law. Mason will vigorously oppose TELUS’ latest attempt to take value from voting shareholders and transfer it to the non-voting shareholders, including TELUS’ board of directors and company executives, whose personal economic interests are tied to the non-voting stock."