Calgary, April 9, 2019 – TransAlta Corporation (“TransAlta” or the “Company”) (TSX:TA) (NYSE:TAC) today announced that Mangrove Partners (“Mangrove”) has made application to the Alberta Securities Commission and Ontario Securities Commission (together, the “Commissions”). In the application, Mangrove is seeking a joint hearing of the Commissions in relation to TransAlta’s 2019 annual and special meeting of shareholders to be held on April 26, 2019 and the recently announced $750 million investment and strategic partnership with an institutional partner of Brookfield Renewable Partners (“Brookfield”). Mangrove’s application seeks various relief from the Commissions, including an order cease trading the issuance of the exchangeable securities under the investment agreement between the Company and Brookfield.
“Mangrove’s application is inappropriate, unwarranted and without merit,” said Ambassador Gordon Giffin, Chair of the Board of TransAlta. “It is an attempt to circumvent the rights of our other shareholders through a misuse of the Canadian securities regulatory process. We are moving forward with our strategic partnership with Brookfield and the business of creating value for the Company’s shareholders.”