A New York-based hedge fund says it will appeal a court decision blocking it from holding a shareholders meeting for investors with voting stock in Telus Corp., a move that rivals the company’s own plans for a meeting.
Telus Corp. said earlier that it will go ahead with its plans for a meeting of all voting and non-voting shareholders on Oct. 17, following a B.C. court ruling that said Mason Capital Management LLC isn’t entitled to call a separate meeting.
Telus and Mason are in a bitter, public battle over converting the Canadian telecom company’s dual-class share structure of common shares, which have voting rights, and non-voting stock.
Reported by The Vancouver Sun, Telus wants just one class of common shares but Mason argues the Vancouver-based company’s approach doesn’t properly compensate holders of voting shares, including Mason. “While we are disappointed by the court’s decision, on a review of the reasons, we have concluded that there are strong grounds of appeal,” the hedge fund said Wednesday.
“Mason will be pursuing an appeal on an expedited basis to ensure that this important matter is decided before the Oct. 17 meeting of Telus shareholders.”