Mason Capital Requests TELUS to Disclose Foreign Ownership Levels
Mason Capital Management LLC today publicly released a letter to TELUS Corporation (NYSE: TU) urging TELUS to disclose its current foreign ownership levels and the basis on which it has determined that it is in compliance with the Canadian ownership requirements. Mason is a significant shareholder of TELUS.
“The uncertainty surrounding TELUS' compliance with the foreign ownership restrictions has persisted for many months now, since the company's March 22, 2012 press release. The recent application by Globalive to the CRTC has heightened these concerns. TELUS should put this issue to rest by updating the market with full and plain disclosure of its current levels of foreign ownership and the steps it has taken to ensure compliance,” said Michael Martino, Principal and Co-Founder of Mason.
In its letter to TELUS, Mason cites information from the proxies submitted for TELUS' recent special and annual shareholders meeting which shows that approximately 42% of TELUS' voting shares voted at the meeting were held by shareholders who declared themselves non-Canadian or refused to answer the required declaration as to their residency.
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