CALGARY, April 15, 2019 /CNW/ - TransAlta Corporation
("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today updated
shareholders regarding the private proceedings sought to be
commenced by dissident shareholder Mangrove Partners before the
Ontario Securities Commission ("OSC") and Alberta Securities
Commission ("ASC").
This morning, the OSC heard submissions from the parties on
whether it should remain involved in these proceedings, or whether
it should defer to the ASC as TransAlta's principal
regulator. The OSC elected to decline to assert jurisdiction
and will not be involved in these proceedings any further.
The next step in the proceedings is for Mangrove to seek leave
(i.e., permission) from the ASC to pursue its complaints against
TransAlta. The ASC will consider Mangrove's request for leave this
week, with an oral decision scheduled to be issued by the ASC on
April 18, 2019, at 3:00 pm MT in Calgary, Alberta.
TransAlta will oppose Mangrove's efforts to obtain leave and, if
leave is granted, will vigorously contest the merits of Mangrove's
complaints. It is important for shareholders to understand that
these proceedings have not been commenced by staff of the ASC or
OSC but are private proceedings sought to be pursued by
Mangrove.
TransAlta's annual and special shareholders' meeting will
proceed on April 26, 2019 in
Calgary, Alberta.
About TransAlta Corporation
TransAlta owns, operates
and develops a diverse fleet of electrical power generation assets
in Canada, the United States and Australia with a focus on long-term
shareholder value. We provide municipalities, medium and large
industries, businesses and utility customers clean, affordable,
energy efficient, and reliable power. Today, we are one of
Canada's largest producers of wind
power and Alberta's largest
producer of hydro-electric power. For over 100 years, TransAlta has
been a responsible operator and a proud community-member where its
employees work and live. TransAlta aligns its corporate goals with
the UN Sustainable Development Goals and we have been recognized by
CDP (formerly Climate Disclosure Project) as an industry leader on
Climate Change Management. We are also proud to have achieved the
Silver level PAR (Progressive Aboriginal Relations) designation by
the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at
transalta.com.
Forward-Looking Statements
This news release
contains forward-looking statements and forward-looking information
within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "may",
"will", "project", "should", "propose", "plans", "intends" and
similar expressions are intended to identify forward-looking
information or statements. More particularly, and without
limitation, this news release contains forward-looking statements
and information relating to: the proceedings before the ASC,
including the timing for the oral decisions to be issued by the
ASC; the timing, business and anticipated outcomes at the 2019
shareholders' meeting, including as a result of actions by
Mangrove/Bluescape; and the nature, timing and impact of existing
or potential legal actions or regulatory proceedings, including
those initiated by Mangrove. . These statements are based on
TransAlta's belief and assumptions based on information available
at the time the assumptions were made, including assumptions
pertaining to: the Company's ability to successfully defend against
existing or potential legal actions or regulatory proceedings; the
closing of the Brookfield
investment and other risks to the Brookfield investment not materializing and no
significant changes to regulatory, securities, credit or market
environments. The forward-looking statements are subject to a
number of risks and uncertainties that may cause actual
performance, events or results to differ materially from those
contemplated by the forward-looking statements. Some of the factors
that could cause such differences include: the outcomes of existing
or potential legal actions or regulatory proceedings not being as
anticipated, including those pertaining to the shareholders'
meeting and the Brookfield
investment and other risks and uncertainties contained in the
Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form
and Management's Discussion and Analysis for the year ended
December 31, 2018, filed under the
Company's profile with the Canadian securities regulators on
www.sedar.com and the U.S. Securities and Exchange Commission on
www.sec.gov. Readers are cautioned not to place undue reliance on
these forward-looking statements or forward-looking information,
which reflect TransAlta's expectations only as of the date of this
news release. In light of these risks, uncertainties and
assumptions, the forward-looking statements might occur to a
different extent or at a different time than we have described, or
might not occur at all. TransAlta disclaims any intention or
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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SOURCE TransAlta Corporation