BCSC won’t intervene in dispute between Telus and hedge

Date: Friday, May 4, 2012
Author: Canadian Press

Securities regulator says Mason Capital Management disclosures comply with requirements
By Canadian Press | May 03, 2012 10:45
Source: The Canadian Press


The British Columbia Securities Commission says it won't look into a complaint by Telus Corp. (TSX:T) about a New York hedge fund's opposition to the telecom company's plan to have one class of common shares.

The B.C. securities regulator says when no legislation has been contravened, such an intervention in the capital markets must be rare.

The securities regulator says Mason Capital Management disclosures comply with requirements.

Telus shareholders will vote on the proposal to create a single class of common shares at the company's annual meeting in Edmonton next Wednesday.

Vancouver-based Telus says a single class will provide better liquidity and benefit all shareholders.

The hedge fund has urged Telus shareholders to vote against the plan, saying one class of common shares would hurt liquidity and reduce the allowed level of foreign investment.