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Darren Entwistle, CEO of Telus Inc.

Mason Capital is fighting on in its bid to stop Telus Corp.'s share collapse, filing notice of its intention to appeal a British Columbia court judgment that allowed the company to go ahead with its plan to turn its two classes of stock into one.

Mason gave the British Columbia Court of Appeal notice Wednesday that it would like to appeal. The next step is a hearing to seek a stay of the ruling that allowed the collapse to go ahead. That hearing is expected to happen on Dec. 27.

The Supreme Court of British Columbia ruled on Tuesday that the planned share collapse could proceed. Telus announced the plan 10 months ago, and almost immediately ran into opposition from Mason. The New York-based fund manager has set up a trade whereby it should profit if the collapse is blocked. Telus successfully argued that Mason's interests were not in line with those of most shareholders, and therefore the transaction should go ahead.

Under the ruling, Telus has to wait at least five business days to allow Mason a chance to appeal.

If Mason is granted a stay and the appeal goes ahead, the share consolidation could be months away, even if Telus were to prevail. An appeal could take as much as 120 days, an official from the B.C. court said.