Mason wins round in battle with Telus

The U.S. hedge fund fighting a proxy battle with Telus Corp. has won the latest legal tussle over Telus's share-consolidation plan. The B.C. Court of Appeal has overturned a decision by the provincial Supreme Court that prevented Mason Capital Management from holding a rival meeting of Telus shareholders. Mason, which owns almost 20 per cent of Telus's voting shares, will now ask the court for directions on holding a meeting for investors to consider its alternative proposal to secure a premium for voting shareholders. Mason will also ask the court to force a postponement of a Telus-requisitioned investor meeting on Oct. 17 at which shareholders are to vote on the telco's plan to convert non-voting shares to voting shares one-for-one.