Aug 21 Telus Corp, one of Canada's
largest telecommunications providers, proposed to revive its
plan to unify its share structure by converting non-voting
shares into common shares on a one-for-one basis.
It will be the second time in a year that Telus is planning
to consolidate its shares after the company withdrew its plan in
May as the proposal failed to win enough support.
U.S. hedge fund Mason Capital had called for a meeting of
holders of Telus's voting shares in August to prevent it from
revisiting the failed plan.
Telus said on Tuesday it unanimously rejects Mason's
requisition for a meeting to amend the company's by-laws and
establish a minimum premium valuation for the voting shares.
Telus, which has 151 million non-voting shares outstanding,
said it will have about 326 million common shares once the
proposal is approved.
The shareholder meeting to vote on the proposal is planned
for October 17.
The common shares will be listed on the New York Stock
Exchange, Telus said.
The company said the proposal requires approvals from a
majority of common share holders and two-thirds of non-voting