Mason To Get Quick Appeal In Telus Battle

Sep 18 2012 | 12:19pm ET

Mason Capital Management is not giving up its fight against Telus Corp.'s planned share-consolidation plan.

The U.S. hedge fund has won the right to an expedited appeal of last week's Supreme Court of British Columbia ruling that blocks it from holding a meeting of the Canadian telecommunication company's shareholders in competition with a meeting planned by Telus itself. Mason, which owns 19% of Telus' voting shares, objects to the company's plan to impose a one-for-one exchange of non-voting shares for voting shares.

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.

Mason's appeal will be heard on Oct. 4, just under two weeks before Telus shareholders are to vote on the company's plan.

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