Both leading independent global proxy advisory firms recommend TELUS proposal
VANCOUVER, Oct. 5, 2012 /CNW/ - Glass Lewis & Co is recommending its institutional investor clients vote in favour of TELUS' proposal to exchange its non-voting shares into common shares on a one-for-one basis. This follows the same recommendation last week from Institutional Shareholder Services (ISS), the other leading independent global proxy advisory firm that institutional investors rely on for advice regarding significant shareholder votes. This is the second time both firms have recommended in favour of a TELUS one-for-one share exchange proposal.
In its report Glass Lewis stated "The Company notes that, excluding Mason's holdings, approximately 92.4% of shareholders that delivered proxies supported the Initial Proposal, a clear indication that the Company's shareholders recognize and support the long-term benefits of a share conversion on a one-for-one basis."
In the conclusion of Glass Lewis's report they stated "We believe the overwhelming support from shareholders, excluding Mason, accurately depicts the value that is expected to be unlocked for long-term shareholders following the adoption of a single class share structure"… "Here, we believe the long-term benefits resulting from a simplified share structure outweigh any potential short-term gains from a high conversion ratio. Notably, as of October 4, 2012, the Company's common shares and non-voting shares had increased in price by 13.3% and 16.9%, respectively, since the announcement, likely, in some part, reflecting these benefits. The long-term enhanced access to capital, increased attractiveness for new investors and potential increase in liquidity resulting from the simplified share structure and possible NYSE listing outweigh the upside of a theoretical higher exchange ratio in light of the highly unique nature of the Company's articles, share structure and shareholder base. Accordingly, we recommend that shareholders vote FOR this proposal."Glass Lewis also commented on Mason's empty voting tactics:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV