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Mangrove Partners Applies for Joint Hearing with Alberta and Ontario Securities Commissions to Review TransAlta Corporation's Brookfield Transaction
Mangrove Partners Applies for Joint Hearing with Alberta and Ontario Securities Commission...
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[{"type":"text","content":"\n\n\n\nMangrove Partners Applies for Joint Hearing with Alberta and Ontario Securities Commissions to Review TransAlta Corporation's Brookfield Transaction\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 9, 2019\n\n\n\nNEW YORK, April 9, 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, yesterday filed an application for a joint hearing with the Alberta Securities Commission (\"ASC\") and the Ontario Securities Commission (\"OSC\") in relation to TransAlta's 2019 annual and special meeting of shareholders (the \"2019 ASM\") and the proposed $750 million transaction (the \"Brookfield Transaction\") between the Company and Brookfield BRP Holdings (Canada) Inc. (\"Brookfield\"), pursuant to the terms of an Investment Agreement, dated March 22, 2019, between TransAlta and Brookfield.\nAmong the orders requested, Mangrove seeks an order conditioning the Brookfield Transaction on a vote of TransAlta shareholders not having an interest in the Brookfield Transaction (the \"Shareholder Vote\").  Such a vote would exclude Brookfield and any other shareholder with a material interest in the Brookfield Transaction.  Mangrove has also requested that the ASC and OSC require TransAlta to provide shareholders with full and accurate disclosures related to the Brookfield Transaction, as well as analysis of the implication of these disclosures for purposes of the Shareholder Vote, in order that shareholders may make a fully informed decision at the 2019 ASM and on the vote to consider approval of the Brookfield Transaction.\nRequiring a separate shareholder vote on the transaction, with appropriate disclosure for shareholders to make a fully informed decision, will provide TransAlta and its shareholders with a clear opportunity to consider the potential for superior alternatives and to reject the Brookfield Transacti...