Calgary, April 17, 2019 — TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) announced today that Mangrove Partners has withdrawn its application before the Alberta Securities Commission (“ASC”) for a hearing related to TransAlta’s recent transaction with Brookfield.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 email@example.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.
For more information:
Manager, Investor Relations
Phone: 1-800-387-3598 in Canada and U.S.