TELUS $64.54 (Toronto symbol T.A; Sharesoutstanding: 324.9 million; Market cap: $21.0billion; TSINetwork Rating: Above Average;Dividend yield: 4.0%; www.telus.com) hasreceived approval from the B.C. Supreme Courtto convert its 151 million non-voting class Ashares into regular common shares (which haveone vote each) on a one-for-one basis.Shareholders have already approved the plan.
The plan will dilute common shareholders’voting power. However, it will let the commonshares trade on the New York Stock Exchange;right now, only the non-voting shares trade onNew York. That should make the commonshares more liquid.
The company will probably complete theconversion in January 2013. Until then, thenon-voting shares will likely trade at a slightdiscount to the common shares, even thoughthey receive identical dividends.
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