An anonymous director reports
TRANSALTA UPDATES SHAREHOLDERS ON HEARING PROCESS
TransAlta Corp. today updated shareholders regarding the private proceedings sought to be commenced by dissident shareholder Mangrove Partners before the Ontario Securities Commission (OSC) and Alberta Securities Commission (ASC).
This morning, the OSC heard submissions from the parties on whether it should remain involved in these proceedings or whether it should defer to the ASC as TransAlta's principal regulator. The OSC elected to decline to assert jurisdiction and will not be involved in these proceedings any further.
The next step in the proceedings is for Mangrove to seek leave (that is, permission) from the ASC to pursue its complaints against TransAlta. The ASC will consider Mangrove's request for leave this week, with an oral decision scheduled to be issued by the ASC on April 18, 2019, at 3 p.m. MT in Calgary, Alta.
TransAlta will oppose Mangrove's efforts to obtain leave and, if leave is granted, will vigorously contest the merits of Mangrove's complaints. It is important for shareholders to understand that these proceedings have not been commenced by staff of the ASC or OSC but are private proceedings sought to be pursued by Mangrove.
TransAlta's annual and special shareholders meeting will proceed on April 26, 2019, in Calgary, Alta.
About TransAlta Corp.
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. It provides municipalities, medium and large industries, businesses, and utility customers clean, affordable, energy efficient and reliable power. Today, it is one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power.
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