CALGARY, April 23, 2019 /CNW/ - TransAlta Corporation
("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today
commented on the latest news release from Mangrove Partners.
"Mangrove's latest claim is without merit and is simply the
latest complaint in a string of frivolous tactics. We will defend
TransAlta and the interests of our shareholders vigorously," said
Ambassador Gordon Giffin, Chair of
the Board of TransAlta. "A majority of our shareholders have
already voted overwhelmingly in support of the Board at our
upcoming Meeting. We look forward to moving ahead with our value
creation plan supported by our partnership with Brookfield."
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. TransAlta's 2019 annual and
special meeting will take place on April 26,
2019 in Calgary,
Alberta.
Vote the BLUE Proxy Today
TransAlta asks those shareholders that have not already voted 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; 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; and the Company's
strategy, plans and priorities. 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; the Company undertaking an issuer bid as
contemplated by the investment agreement; 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 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