Reuters: Market News: Telus dual-share merger opposed by big shareholder

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Telus dual-share merger opposed by big shareholder Apr 11th 2012, 15:00 TORONTO, April 11 | Wed Apr 11, 2012 11:00am EDT TORONTO, April 11 (Reuters) - Telus Corp, Canada's third largest wireless carrier, faces opposition from its largest shareholder to a plan to discard its dual-share structure. Mason Capital Management LLC, a New York-based investor, has advised Telus that it intends to vote against the proposal, it said in an alternative monthly report A LTERNATIVE TO WHAT? f iled with Canadian regulators on Tuesday. A vote on management's proposal to convert its non-voting shares into voting shares on a one-for-one basis is due to take place at Telus' annual shareholder meeting on May 9. Mason said it held 18.7 percent of Telus' outstanding common shares at the end of March. It held a much smaller number of non-voting shares. Telus' dual share structure was designed to comply with laws limiting foreign control of Canadian telecom companies at a time when U.S.-based Verizon Communications Inc was a major investor. Telus is restricted from allowing foreign investors to own more than 33.3 percent of its voting shares. In March, it said foreigners owned 24 percent of its voting shares but that if it fulfilled all pending orders the level would exceed legal levels. The rules blocking foreign ownership were modified in March to allow foreign control of smaller operators, a move that does not directly affect Telus.

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