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Telus-Mason proxy row heading back to court

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Tags: Telus

The U.S. hedge fund that has been waging a months-long proxy battle with Telus Corp. (T-T) is heading back to court in its latest effort to block the telecom company's share-consolidation plan.

Mason Capital Management LLC has been granted an expedited hearing for its appeal of a recent decision by the Supreme Court of British Columbia that prevents it from holding a rival meeting of Telus shareholders next month.

The New York-based hedge fund announced Tuesday that its appeal is scheduled to be heard at a hearing on Oct. 4 at the British Columbia Court of Appeal. That fast-tracked appeal process should enable the court to issue a decision settling the long-running dispute before Telus holds a special meeting of its shareholders on Oct. 17.

"Mason believes it has strong grounds of appeal, and that it is critical that the owners of the Telus voting shares have the opportunity to vote on a binding change to Telus' articles that would establish an appropriate minimum premium for voting shares in a dual class collapse transaction," the investment firm said in a statement.

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