TELUS shareholders decisively approve 1:1 share exchange proposal
Ratification of share exchange proposal scheduled for final court approval in
VANCOUVER, Oct. 17, 2012 /CNW/ - TELUS shareholders have voted strongly in
favour of a proposal to exchange the company's non-voting shares for common
shares on a one-for-one basis.
None of Mason's Capital's four resolutions received the support from common
shareholders required to pass.
TELUS will release detailed voting results later today.
"The outcome of today's shareholder vote is distinctly positive for TELUS
shareholders. Moreover, the result realized exemplifies the principles of good
corporate governance and the fairness of shareholder democracy in Canada,"
said Darren Entwistle, TELUS President and CEO. "We would like to express our
gratitude to our shareholders for such strong support of our proposal.
Shareholders made clear their desire to enhance shareholder value through
improved trading liquidity and augment TELUS' already excellent corporate
governance by adopting a single class of widely held voting shares.
Fundamental TELUS investor views dominated, prevailing over a self-serving
hedge fund engaging in a troubling empty voting trading strategy, negative
publicity campaign and multiple court challenges to try to defeat this
proposal for their own profit."
The final hearing before the B.C. Supreme Court to approve the share exchange
is set for the week of November 5.
Forward looking statement:
This news release contains statements about expected future events of TELUS
that are forward-looking. By their nature, forward-looking statements require
the Company to make assumptions and predictions and are subject to inherent
risks and uncertainties. The market price of non-voting shares and/or common
shares may decline given that share prices in both classes increased on the
announcement of the February proposal. In addition, there can be no assurance
TELUS will win the appeals commenced by Mason Capital of the two October 15
B.C. Supreme Court decisions, that there will not be further court challenges,
that the final court order in respect of the Arrangement will be granted, and
that the associated benefits for TELUS shareholders will be realized. There is
significant risk that the forward-looking statements will not prove to be
accurate. Readers are cautioned not to place undue reliance on forward-looking
statements as a number of factors could cause actual future events to differ
materially from that expressed in the forward-looking statements. Except as
required by law, TELUS disclaims any intention or obligation to update or
revise forward-looking statements.
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company
in Canada, with $10.6 billion of annual revenue and 12.8million customer
connections including 7.4million wireless subscribers, 3.5million wireline
network access lines, 1.3million Internet subscribers and 595,000 TELUS TV
customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS
provides a wide range of communications products and services including
wireless, data, Internet protocol (IP), voice, television, entertainment and
In support of our philosophy to give where we live, TELUS, our team members
and retirees have contributed more than $260million to charitable and
not-for-profit organizations and volunteered 4.2million hours of service to
local communities since 2000. Fourteen TELUS Community Boards lead TELUS'
local philanthropic initiatives. TELUS was honoured to be named the most
outstanding philanthropic corporation globally for 2010 by the Association of
Fundraising Professionals, becoming the first Canadian company to receive this
prestigious international recognition.
For more information about TELUS, please visit telus.com.
For media inquiries, please contact:
Shawn Hall TELUS Social and Media Relations 604-697-8176 firstname.lastname@example.org
For investor inquiries, please contact:
Darrell Rae TELUS Investor Relations 604-697-8192 email@example.com
SOURCE: TELUS Corporation
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CO: TELUS Corporation
ST: British Columbia
-0- Oct/17/2012 22:50 GMT
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