Telus remains committed to share conversion
Darren Entwistle, President and Chief Executive Officer of Telus Corp., speaks to shareholders during the Telus annual general meeting, at which shareholders voted on the plan to collapse the telecom company's dual-class share structure, in Edmonton Alta., Wednesday, May 9, 2012. THE CANADIAN PRESS/Jason Franson
EDMONTON - The chief executive of Telus tore a strip off a U.S. hedge fund that scuttled its plan to have a single class of common shares even as he vowed to pursue the consolidation.
Telus president and CEO Darren Entwistle says that Mason Capital Management took part in the "disgraceful practice" of empty voting, which gave the hedge fund more voting shares than its economic stake in the company.
The Vancouver-based telecom company withdrew its proposal to have a single class of common shares just hours before a shareholders' vote after acknowledging the U.S. hedge fund would have defeated the plan.
But Entwistle says Telus (TSX:T) is committed to the plan to convert its non-voting shares to common shares.
He told shareholders at its annual general meeting that the only objective of New York-based Mason Capital Management was a short-term economic profit.
He says Telus employees collectively own 8.2 million common shares and are the company's largest owner of voting shares and were disadvantaged by what Mason did.
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