Mason Capital says it has sharply reduced its common share holdings in Telus Corp. (TSX:T).
The New York-based hedge fund, which has been battling Telus management over the telecom's move to a single class of shares, says in a mandatory disclosure document that it now holds just 5.9 million Telus common shares.
The figure represents about 3.4 per cent of the company, down from about 19 per cent previously.
Last month, Mason lost an appeal in B.C. Supreme Court over its battle to receive a premium for voting shares, with the court ruling in favour of the one-for-one conversion plan backed by Telus management.
Telus had two classes of shares to comply with Canada's foreign ownership rules for big telecom companies, which don't allow such ownership to exceed 33.3 per cent.
However, Telus has said the dual-share structure poses corporate governance issues and reduces share liquidity.