Telus said its non-voting shareholders can't be excluded from the plan to convert the company's stock into one class of common shares. Mason owns just under 20 per cent of Telus's voting shares. It is proposing a minimum premium valuation of either 4.75 per cent - which represents the historic average trading premium of the voting shares over the nonvoting shares - or an enhanced minimum premium of eight per cent to support one class of shares. Telus has said the share conversion will take place on a one-to-one ratio and there will be no premium for voting shareholders under the plan. By accumulating almost a 20 per cent stake in Telus in common stock while at the same time short-selling nearly the same amount of non-voting and common Telus stock, Mason was able to vote nearly $2 billion worth of stock with only a $25-million net economic stake, Telus has said. The hedge fund said Friday that non-voting shareholders can attend the meeting but won't be able to vote.