Mason To Appeal Telus Court Victory

Sep 13 2012 | 7:51am ET

Hedge fund Mason Capital Management yesterday vowed to appeal a Canadian court ruling that could thwart its effort to derail a share consolidation plan at telecommunications company Telus Corp.

The Supreme Court of British Columbia this week quashed Mason's plan to hold a shareholder meeting on the same day as one scheduled by Telus, ruling that Mason's plans were against the law. The court also upheld Telus' own plans to hold its meeting, on Oct. 17.

Telus plans to merge its voting and non-voting share classes in a one-for-one exchange that it claims is a matter of good corporate governance. Mason has argued that the plan is unfair to voting share owners, including itself, who paid more for that privilege than non-voting share owners.

New York-based Mason owns 19% of Telus' voting shares.

"We believe it is critical that the owners of the voting shares have the opportunity to vote on a binding change to the company's articles to establish an appropriate minimum premium to be paid in a dual class collapse transaction," the hedge fund said in a statement. "Mason will continue to oppose the actions of Telus aimed at unfairly taking value from the voting shareholders and transferring it to the non-voting shareholders, which include Telus' board of directors and executive management team, at a 1-for-1 exchange ratio."


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

The Cult of Loss Aversion: A Call to Rethink Risk in Global Macro Investing

Sep 4 2014 | 5:45am ET

In the wake of a traumatic loss, whether it is financial or personal, it is just...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.