TransAlta Responds to Mangrove Partners’ Press Release
Calgary, April 11, 2019 — In response to Mangrove Partners’ press release, TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) today provided the following statement:
TransAlta stands by the Brookfield investment and strategic partnership and adhered to proper governance practices in negotiating and deciding to proceed with the transaction. The Board and its Special Committee firmly believe it is in the best interests of the Company and its shareholders and other stakeholders. Many of our largest shareholders agree. In conversations with our major institutional shareholders this week, we continue to hear that shareholders are supportive of the Brookfield strategic partnership and investment.
TransAlta followed good governance processes in negotiating and deciding to proceed with the Brookfield transaction through all customary features of independent advice, committees, shareholder consultation and extensive review. We also went out of our way to enhance shareholder democracy with respect to a transaction that does not require a shareholder vote, including facilitating Mangrove’s ability to object to the transaction, by offering a “governance out” that would allow the TransAlta Board to postpone closing and exit the deal if two or more directors not nominated by management are elected at the upcoming shareholders’ meeting, and by granting Mangrove a 10-day extension to accommodate its express desire to nominate dissident directors.
In contrast, Mangrove and its joint actor, Bluescape Energy Partners, are offering shareholders nothing. They are making meritless accusations through press releases and what we believe to be an equally meritless application to two of Canada’s securities commissions. They are offering shareholders no choice, no say and no alternative value creation plan.
We encourage all shareholders and interested parties to review our extensive disclosure contained in our proxy circular and on our website.
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.