Tribe Technologies
Trending >

Big win for Telus; BC Supreme Court approves share exchange

Telus has been locked in a battle with shareholder Mason Capital. Mason had argued that Telus’s plan was unfair, and was seeking a higher conversion premium because Telus voting shares have historically traded higher than non-voting shares.

Telus has been locked in a battle with shareholder Mason Capital. Mason had argued that Telus’s plan was unfair, and was seeking a higher conversion premium because Telus voting shares have historically traded higher than non-voting shares.A big courtroom victory for Telus (TSX:T) late today.

The Supreme Court of BC has approved the telco’s proposal to exchange its non-voting shares for common shares on a one-for one basis.

Telus has been locked in a battle with shareholder Mason Capital. Mason had argued that Telus’s plan was unfair, and was seeking a higher conversion premium because Telus voting shares have historically traded higher than non-voting shares.

The judge in the case had stern words for the New York-based private equity firm:

“…Mason’s arguments display a lack of regard for the overall circumstances relating to TELUS and its shareholders, which are to be considered by this Court in the context of this fairness hearing. As I have earlier stated, Mason can hardly be considered a spokesman for the Common Shareholders when its strategy will result in a loss of value to the other Common Shareholders…Mason’s opposition must be viewed through the lens of its unique strategy, which has nothing to do with the well-being of TELUS and its shareholders…”

Mason Capital now has five business days to appeal the decision. If they do not, Telus says it will begin the process of delisting the shares on the TSX and the New York Stock Exchange. Telus common shares will then be listed on the NYSE for the first time.

Shares of Telus on the TSX closed today up .1% to $65.07.

______________

We Hate Paywalls Too!

At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.

Make a one-time or recurring donation

About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
insta twitter facebook

Comment

Leave a Reply