CALGARY, April 17, 2019 /CNW/ - TransAlta Corporation
("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced
today that Mangrove Partners has withdrawn its application before
the Alberta Securities Commission ("ASC") for a hearing related to
TransAlta's recent transaction with Brookfield.
As previously released, Mangrove originally filed applications
on April 8, 2019 before both the ASC
and the Ontario Securities Commission ("OSC") complaining about the
Brookfield transaction. On
April 15, 2019, the OSC issued a
decision declining to assert jurisdiction, which left the matter
solely within the jurisdiction of the ASC.
Within hours of receiving TransAlta's response submissions on
April 17, 2019, Mangrove withdrew its
application effective immediately. The result is that
Mangrove's application before the ASC has been abandoned. The
OSC's previous decision declining to hear the complaints, coupled
with Mangrove abandoning its application before the ASC, means that
this matter before the Commissions is at an end.
TransAlta's 2019 annual and special meeting will take place on
April 26, 2019 in Calgary, Alberta.
As previously disclosed, TransAlta secured a strategic
partnership and $750 million
financing with Brookfield Renewable which will enable TransAlta to
advance its strategy. TransAlta's strategy is focused on
converting coal units to gas, investing in renewables and
accelerating returns to shareholders.
Vote the BLUE Proxy Today
TransAlta asks shareholders to read the Company's management
proxy circular dated March 26, 2019
(the "Circular") carefully and to vote the BLUE proxy FOR all 12
TransAlta director nominees at our upcoming annual and special
shareholders' meeting on April 26,
2019 (the "Meeting"). Shareholder support is critical as we
work to build a foundation for long-term, sustainable value
creation as a leading clean energy company.
A copy of the Circular can be downloaded from the Company's
SEDAR profile at www.sedar.com and the Company's EDGAR profile at
www.sec.gov. The Circular is also available at TransAlta's
website.
A vote FOR TransAlta's director nominees will be a vote to
realize the value of TransAlta's diverse and quality assets for
decades to come, a vote for an experienced and engaged Board and a
vote to share in the upside of TransAlta. Becoming a voter is fast
and easy. To support TransAlta's Board, vote only your BLUE
proxy or voting instruction form today.
If you have any questions about the Meeting, please contact
Kingsdale Advisors, TransAlta's strategic shareholder advisor and
proxy solicitation agent, by telephone at 1-877-659-1820 (toll-free
in North America) or
1-416-867-2272 (collect outside North
America) or by email
at contactus@kingsdaleadvisors.com.]
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 timing, business and anticipated
outcomes at the 2019 shareholders' meeting, including as a result
of actions by Mangrove/Bluescape; the nature, timing and impact of
existing or potential legal actions or regulatory proceedings,
including those initiated by Mangrove; the investment by Brookfield
Renewable Partners or its institutional partners ("Brookfield") and
expected benefits to the Company and its shareholders; the ability
of the investment to enhance the Company's financial position and
to execute its strategy; the Company's strategy, plans and
priorities; the Company's relationship with Brookfield or its affiliates and other
shareholders; and the expected timing, costs and benefits of the
strategic investment by and partnership with Brookfield or its affiliates. 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 election of the Company's
proposed director nominees and outcome of other items to be voted
upon at the 2019 shareholders' meeting; the Company's ability to
successfully defend against existing or potential legal actions or
regulatory proceedings; the closing of the Brookfield investment occurring and other
risks to the Brookfield investment
not materializing; no significant changes to regulatory,
securities, credit or market environments; the anticipated
Alberta capacity market framework
in the future; our ownership of or relationship with TransAlta
Renewables Inc. not materially changing; the Alberta hydro assets achieving their
anticipated value, cash flows and adjusted EBITDA; the anticipated
benefits and financial results generated on the coal-to-gas
conversion and the Company's other strategies; the Company's and
Mangrove's/Bluescape's strategies and plans; no significant changes
in applicable laws; and risks associated with the impact of the
Brookfield investment on the
Company's shareholders, debtholders and credit ratings. 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 failure of any of the Company's director nominees to
be elected at the shareholders' meeting; the failure of the Company
to obtain approval for other items of business at the shareholders'
meeting; the failure of the Brookfield investment to close; 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; the impact of any
withhold campaign or appointment of any slate of directors proposed
by Mangrove/Bluescape and the subsequent termination of the
Brookfield investment by the
Company; changes in our relationship with Brookfield; changes in our relationship with
other shareholders; the Brookfield
investment not resulting in the expected benefits for the Company
and its shareholders; 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