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TransAlta Receives Notice of Mangrove Partner's Intention to Nominate Dissident Board Candidates
TransAlta Receives Notice of Mangrove Partner's Intention to Nominate Dissident Board Cand...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nTransAlta Receives Notice of Mangrove Partner's Intention to Nominate Dissident Board Candidates\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\nCALGARY, March 25, 2019\n\n\n\nCALGARY, March 25, 2019 /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX:TA) (NYSE:TAC) said today it has received notice under its Advance Notice By-Law that Mangrove Partners intends to nominate five candidates for election to the Company's Board of Directors at TransAlta's upcoming Annual and Special Meeting of Shareholders (the \"Meeting\").\nTransAlta said it will review Mangrove's notice, consider the suitability of its nominees and communicate more fully with its shareholder in due course. \nEarlier today, TransAlta announced a strategic $750 million investment by Brookfield Renewable Partners and its institutional partners (collectively \"Brookfield\") that crystalizes the value of the Company's Hydro Assets, enhances its financial position to execute its strategy, and accelerates the opportunity to return capital to shareholders. This investment will ensure TransAlta will transition to 100% clean energy by 2025. In addition, Brookfield has committed to purchase TransAlta common shares on the open market to increase its share ownership in TransAlta to 9%. \nAs part of today's announcement, TransAlta said it will include two experienced Brookfield nominees, Harry Goldgut and Richard Legault, as well as Robert Flexon, former CEO of Dynegy, on its slate of directors for election at the Meeting.  Mr. Goldgut, Mr. Legault and Mr. Flexon have impressive track records in renewable energy, thermal energy, infrastructure and value creation in rapidly evolving electricity markets. \nFinally, in addition to bringing this exceptional expertise onto the TransAlta board, TransAlta also announced it and Brookfield will form a joint operating committee, for a period of six years, to focus on optimizing the operations and maximizing the value of TransAlta's Hydro Assets. The committee will consist of two Brookfield members, who are not nominees to the Boa...