Mason Capital Management LLC ("Mason") today issued the following
statement in response to the press release issued today by TELUS
Corporation (TSX:T; TSX:T.A; NYSE: TU) regarding the reports issued on
April 23, 2012, by Institutional Shareholder Services ("ISS") and Glass
Lewis & Co. ("Glass Lewis") regarding the proposal by TELUS to convert
all of its non-voting shares into voting shares on a one-to-one basis:
"TELUS' claims of ISS and Glass Lewis support are premature. ISS and
Glass Lewis did not have the benefit of the reasons for voting against
TELUS' proposed share reorganization, which Mason publicly announced
yesterday. Glass Lewis has retracted their report and ISS will review
our analysis and rationale and update their recommendation accordingly.
In addition, TELUS' announcement that it is now offering cash for retail
shareholder votes in favor of their plan only demonstrates that the
right to vote has real value."
Mason Capital is a New York based investment fund with offices in New
York, London and San Francisco and has been in business since 2000.
Mason Capital has a long history of investing in Canada. It is the
largest shareholder and is represented on the board of directors of ATS
Automation Tooling Systems, a TSX-listed company.
Sard Verbinnen & Co
Jonathan Gasthalter/Dan Gagnier/Brooke