On May 8, 2012, TELUS announced it is withdrawing its proposal to convert its non-voting shares to common shares.
The empty voting trading tactics of hedge fund Mason Capital and lack of regulatory oversight of the practice make it apparent a vote to be held at TELUS' annual general and special meeting of shareholders on May 9 would not succeed. Empty voting is buying shares to vote them while simultaneously short selling shares in the same company, a troubling practice that gives a fund more votes than its economic stake warrants. In this case, Mason Capital was voting $1.9 billion worth of TELUS' common shares with only a $25 million net economic stake.
The annual and special meeting of shareholders was held on Wednesday, May 9, 2012 at:
Winspear Centre, Enmax Hall
4 Sir Winston Churchill Square
The meeting was webcast live on this site at 10 a.m. (MT).
Brian Canfield, Chairman of the Board
Darren Entwistle, President and Chief Executive Officer
At the meeting, holders of Common Shares will be asked to:
On May 8, 2012, the Company announced it was withdrawing the plan of arrangement set out in its 2012 Information Circular and intends to reintroduce a new proposal in due course.
On February 21, 2012, the Company announced that holders of its Common Shares and Non-Voting Shares would have the opportunity to decide whether to eliminate the Company’s Non-Voting Share class at the Company’s annual and special meeting to be held May 9, 2012. Under the terms of the proposal, each Non-Voting Share would be converted into a Common Share on a one-for-one basis, effected by way of a court-approved plan of arrangement, subject to the approval of two-thirds of the votes cast by the holders of Common Shares and two-thirds of the votes cast by the holders of Non-Voting Shares, each voting separately as a class.
Chairman of the Board
President, and Chief Executive Officer