Business
Mangrove Partners Announces Intention to Withhold Votes for TransAlta Special Committee Members at Upcoming Annual Meeting
Mangrove Partners Announces Intention to Withhold Votes for TransAlta Special Committee Me...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nMangrove Partners Announces Intention to Withhold Votes for TransAlta Special Committee Members at Upcoming Annual Meeting\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, April 11, 2019\n\n\n\nNEW YORK, April 11, 2019 /CNW/ - Mangrove Partners (\"Mangrove\"), who together with Bluescape Energy Partners is 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 announced that it intends to withhold its votes at the upcoming 2019 annual and special meeting of shareholders (the \"2019 ASM\") for Gordon Giffin, Alan Fohrer and Beverlee Park, the three members of TransAlta's Special Committee of the Board who reviewed, evaluated and unanimously recommended the proposed $750 million transaction (the \"Brookfield Transaction\") between the Company and Brookfield BRP Holdings (Canada) Inc. (\"Brookfield\").\nMangrove also indicated that it remains eligible to put forward its previously submitted nominees for election as directors at the 2019 ASM and may choose to do so prior to the meeting.\nNathaniel August, President and Portfolio Manager at Mangrove Partners, said, \"Regardless of its ultimate merits, the Brookfield Transaction appears to have been conceived and rushed to the finish line in response to shareholder dissatisfaction and a threat to the Board's control, based on the limited information TransAlta has provided.  Under such conditions, TransAlta's ability to get the best terms for its crown jewel hydro assets was deeply compromised.  Adding to shareholders' concern, the Board has failed to provide shareholders adequate disclosure regarding what alternative transactions, if any, they explored, why they did not obtain a fairness opinion, or why they rushed to announce an agreement – with key provisions not yet finalized – on the same day as the deadline for director nominations. \nMr. August continued, \"It's particularly troubling that the Board negotiated a deal that ties the...