Mason Capital is making its case again in favour of compensation for holders of Telus's voting shares under a plan to have a single class of common shares for the telecom company.
Telus and Mason are locked in battle over the Canadian telecom company's plan to convert its dual-class share structure of common shares that have voting rights and non-voting A shares.
The New York-based investment firm says it wants to protect the value of voting shares and argues shareholders merit a premium in the proposed sharecollapse transaction.
Mason principal Michael Martino says the hedge fund is challenging Telus' assertion that 50 per cent - not two-thirds - of voting shareholders need to support its share conversion proposal. He says consolidating the two classes of shares - voting and non-voting - will not create value for all shareholders.
Mason's appeal of a lower court decision that prevents the hedge fund from holding a meeting for only Telus voting shareholders on Oct. 17 - the same day as Telus is holding a meeting for both classes of shareholders - will be heard next Thursday.
