Canadian telecommunications company Telus Corp. (TU, T.TO,T_A.TO) said on Tuesday that it is putting a new proposal to exchange its non-voting shares into common shares on a one-for-one basis to a democratic vote of all its shareholders.
Telus has invited holders of both non-voting and common shares to vote on the proposal at a meeting of shareholders planned for October 17, 2012 or online via the proxy voting system once the information circular is distributed in advance of the meeting.
The company said that shareholders on record as of September 4 will be entitled to vote at the meeting.
The company said that the proposal will require approval from two-thirds of its non-voting share votes cast at the meeting, as the non-voting shares are being exchanged for common shares. The company noted that it is seeking approval by a simple majority of common share votes cast at the meeting.
Once approved, Telus non-voting shares would be exchanged for common shares on a one-for-one basis, making common shares Telus' sole class of issued and outstanding equity securities.
Telus stated that it currently has approximately 175 million common shares and 151 million non-voting shares issued and outstanding, so this would result in the enhanced liquidity and marketability of a single class of approximately 326 million common shares. Upon approval, common shares will be listed on the New York Stock Exchange or NYSE for the first time.
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