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Mangrove and Bluescape Ask: Is the Brookfield Investment in the Best Interest of all TransAlta Shareholders?
Mangrove and Bluescape Ask: Is the Brookfield Investment in the Best Interest of all Trans...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nMangrove and Bluescape Ask: Is the Brookfield Investment in the Best Interest of all TransAlta Shareholders?\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW YORK and DALLAS, March 29, 2019\n\n\n\nNEW YORK and DALLAS, March 29, 2019 /CNW/ - A group led by Mangrove Partners (\"Mangrove\") and Bluescape Energy Partners (\"Bluescape\"), together one of the largest shareholders of TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX:TA) (NYSE:TAC) with aggregate ownership of 10.1% of the Company's outstanding shares, today raised significant questions about the Company's decision to accept a large investment from Brookfield Renewable Partners (\"Brookfield\"), including about the rushed process coinciding with the proxy nomination deadline, the favorable valuation and terms given to Brookfield, and the deal's implications for the future accountability of TransAlta's Board and management to shareholders.  \nNathaniel August, President and Portfolio Manager at Mangrove Partners, said, \"TransAlta's announcement and subsequent disclosures of the Brookfield investment leave many important questions unanswered.  Most critically, is it the best deal for TransAlta shareholders or are there potentially superior transactions available?  We call on TransAlta's CEO, who has enthusiastically promoted the deal's benefits, to be more forthcoming about its rationale and the process undertaken to ensure TransAlta achieves the best outcome for all shareholders.  Until then, we have submitted a notice under the Company's by-laws that we intend to nominate five candidates for election to the Board at the upcoming annual meeting.  If at least two are elected, the Company has the option to terminate the Brookfield Investment under the terms of the agreement.  Let me be clear: our goal is not to stop this transaction, but rather to ensure that the Company retains the option to pursue or renegotiate a better one.\"\nKey questions raised by Mangrove and Bluescape include:\nGiven that only two business days passed be...