The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) today declared a quarterly dividend of $0.04 per common share payable on October 1, 2019 to shareholders of record at the close of business on September 3, 2019.
The Board of Directors also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including June 30, 2019 up to but excluding September 30, 2019:
Preferred Shares
TSX Stock Symbol
Dividend Rate
Dividend Per Share
Record Date
Payment Date
Series A
TA.PR.D
2.709%
$0.16931
September 3, 2019
September 30, 2019
Series B*
TA.PR.E
3.717%
$0.23422
September 3, 2019
September 30, 2019
Series C
TA.PR.F
4.027%
$0.25169
September 3, 2019
September 30, 2019
Series E
TA.PR.H
5.194%
$0.32463
September 3, 2019
September 30, 2019
Series G
TA.PR.J
5.300%
$0.33125
September 3, 2019
September 30, 2019
*Please note the quarterly floating rate on the Series B Preferred Shares will be reset every quarter.
All currency is expressed in Canadian dollars except where noted. When the dividend payment date falls on a weekend or holiday, the payment is made the following business day.
About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
TransAlta Corporation (TransAlta) (TSX: TA) (NYSE: TAC) will release its second quarter 2019 results before markets open on Friday, August 9, 2019. A conference call and webcast to discuss the results will be held for investors, analysts, members of the media and other interested parties the same day beginning at 9:00 a.m. Mountain Time (11:00 a.m. ET). The media will be invited to ask questions following analysts.
Please contact the conference operator five minutes prior to the call, noting TransAlta Corporation as the company.
Dial-in numbers Second Quarter 2019 Results:
Toll-free North American participants call: 1-888-231-8191
Outside of Canada & USA call: 1-647-427-7450
A link to the live webcast will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 5281588 followed by the # sign. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.
About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today announced that the Toronto Stock Exchange (TSX) has accepted the notice filed by the Company to implement a normal course issuer bid (NCIB) for a portion of its common shares (Common Shares).
Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 Common Shares, representing approximately 4.92% of issued and outstanding Common Shares as at May 27, 2019. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading platforms on which the Common Shares are traded, based on the prevailing market price. Any Common Shares purchased under the NCIB will be cancelled.
Transactions under the NCIB will depend on future market conditions. TransAlta will initially retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which TransAlta is authorized to make purchases under the NCIB commences on May 29, 2019 and ends on May 28, 2020 or such earlier date on which the maximum number of Common Shares are purchased under the NCIB or the NCIB is terminated at the Company’s election.
Under TSX rules, not more than 176,447 Common Shares (being 25% of the average daily trading volume on the TSX of 705,788 Common Shares for the six months ended April 30, 2019) can be purchased on the TSX on any single trading day under the NCIB, with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. There are currently 284,697,495 Common Shares of the Company issued and outstanding.
TransAlta repurchased and cancelled 3,264,500 million common shares on the open market through the facilities of the TSX and/or alternative Canadian trading platforms at a cost of $22.9 million, or an average of $7.02 per share under its prior NCIB approved by the TSX on March 9, 2018 for the period from March 14, 2018 and ends on March 13, 2019.
The NCIB provides the Company with a capital allocation alternative with a view to long-term shareholder value. TransAlta’s Board of Directors and Management believe that, from time to time, the market price of TransAlta’s Common Shares does not reflect the underlying value and purchases of Common Shares for cancellation under the NCIB may provide an opportunity to enhance shareholder value.
About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words expect, anticipate, continue, estimate, may, will, project, should, propose, plans, intends and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to TransAlta’s intentions with respect to the NCIB, the effects of repurchases of Common Shares and purchases thereunder, including any enhancement to shareholder value. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the entering into of an automatic securities purchase plan; legislative or regulatory developments; any significant changes to Common Share price or trading volume; continued availability of capital and financing; changes to general economic, market or business conditions; business opportunities that become available to, or are pursued by TransAlta; and other risk factors contained in the Company’s annual information form and management’s discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars.
TransAlta Corporation (TransAlta or the Company) (TSX:TA) (NYSE:TAC) today announces the promotion of Todd Stack to Chief Financial Officer (CFO), effective immediately.
Mr. Stack, who has served as Managing Director and Corporate Controller of the Company since February 2017, has been responsible for providing leadership and direction over TransAlta’s financial activities, corporate accounting and reporting, tax, and corporate planning.
I am excited to announce Todd’s well-deserved promotion to CFO,- said Dawn Farrell, President and Chief Executive Officer. Todd has been with the Company for more than 25 years and has been an instrumental member of our finance and corporate reporting team. As CFO, he will provide significant value to the Company based on his extensive experience in finance, valuation, economics and the power industry.
Since joining the Company in 1990, Mr. Stack has acted as the Company’s Treasurer, Corporate Controller, as well as a member of the corporate development team reviewing greenfield and acquisition opportunities. Prior to joining the finance team at TransAlta, Mr. Stack held a number of roles in the engineering team, including design, operations and project management. Mr. Stack is a registered professional engineer in Alberta and has received a Masters of Business Administration from the University of Calgary and is a holder of the Chartered Financial Analyst designation.
Mr. Stack replaces Christophe Dehout, who will be leaving the Company to pursue new opportunities.
About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Funds from operations were $169 million, an increase of $8 million over 2018;
Free cash flow from ongoing operations increased 17% to $95 million; and
Entered into a $750 million strategic investment with an affiliate of Brookfield Renewable Partners
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported first quarter 2019 financial results which reflect strong operational and financial results for the quarter, based on the execution of our strategic goals to competitively position our assets in the market. Our portfolio of assets in Alberta benefitted from high power prices during the quarter, and our Energy Marketing segment successfully offset a portion of the losses due to an extreme pricing event in the Pacific Northwest.
During the quarter we agreed to acquire a 49% interest in the Skookumchuck wind project adjacent to our coal mine at Centralia, further diversifying our fleet. The project has a 20-year PPA with an investment grade counterparty, making it a good candidate for TransAlta Renewables to acquire. The acquisition is expected to close in December 2019. Including Skookumchuck, we now have over $700 million of renewables project under development in addition to the investments in the Pioneer Pipeline and our coal to gas conversions. An Investor Day will be held in Toronto in September to showcase current and future growth opportunities, including the coal to gas conversions. Additionally, an analyst and institutional investor tour of our Alberta wind and hydro facilities will be held in mid-July.
Free cash flow(1,2) during the first quarter of $95 million and funds from operations(1,2) of $169 million, increased $14 million and $8 million, respectively, after adjusting for the receipt of $157 million from the Balancing Pool for the early termination of the Sundance B and C Power Purchase Arrangements (PPAs) received in 2018. The increase was driven by strong performance from Energy Marketing and Hydro, partially offset by lower results from US Coal and Canadian Gas.
Comparable EBITDA(1,2,3) for the quarter decreased $15 million compared to last year after adjusting for the one-time payment received in 2018. Alberta operations benefitted from higher prices in the quarter with average power prices in the first quarter of $69 per MWh compared to $35 per MWh in 2018, mainly reflecting the impact of the extreme cold weather during February and March of 2019. This was offset by lower EBITDA from US Coal as a result of one unit being unavailable during extreme market conditions, the expiry of the contract at Mississauga on December 31, 2018, and lower scheduled payments from the Poplar Creek finance lease in Canadian Gas.
Results for the quarter demonstrate the competitiveness of our business structure and asset diversification.- said Dawn Farrell, President and Chief Executive Officer. With increased financial capability through our innovative arrangement with Brookfield, we are now excited to get back to growing the business and continuing to execute our strategy. commented Mrs. Farrell.
First Quarter Highlights
Announced retirement plans for Tim Faithfull and Ambassador Gordon Giffin from the Board of Directors. Subsequent to the quarter, Tim Faithfull retired from the Board immediately following TransAlta’s 2019 Annual and Special Meeting of Shareholders. Ambassador Gordon Giffin intends to retire as director and Board Chair in 2020.
Received approval from the Alberta Electric System Operator to extend the mothballing of Sundance Units 3 and 5 until November 1, 2021.
Approved the innovative 10MW Windcharger battery storage project that will store energy produced from our Summerview II Wind Farm in Tesla batteries. The project received co-funding support from Emissions Reduction Alberta and will be the first utility-scale battery storage facility in Alberta.
Agreed to issue $750 million of exchangeable securities to Brookfield Renewable Partners and its institutional partners (collectively Brookfield) as part of a strategic partnership that realizes the value of our hydro assets, enhances our financial position to execute our strategy, and accelerates the opportunity to return capital to shareholders. The initial tranche of $350 million in exchange for unsecured, subordinated debentures was funded on May 1, 2019. TransAlta has also committed to returning up to $250 million of capital to shareholders through share repurchases within the next three years.
Important Subsequent Events
Signed an agreement to purchase a 49% interest in the Skookumchuck Wind Energy Facility upon commercial operation, which is expected in December of 2019. The 136.8 MW wind facility, located in Washington state near our Centralia Plant, has a 20-year power purchase agreement with an investment grade counterparty.
Announced that all resolutions at the Company’s Annual and Special Shareholders Meeting were approved, and that three new directors: Robert Flexon, Harry Goldgut and Richard Legault, were elected to the Board of Directors.
First Quarter 2019 Review by Segment
Comparable EBITDA(in CAD$ millions)
3 Months Ended
March 31, 2019
March 31, 2018
Canadian Coal
63
64(a)
U.S. Coal
(10)
25
Canadian Gas
30
61
Australian Gas
30
31
Wind and Solar
69
68
Hydro
27
17
Energy Marketing
19
(10)
Corporate
(7)
(20)
Total Comparable EBITDA
221
236(a)
a) Excludes $157 million in compensation from the Balancing Pool for the early termination of the Sundance B and C PPAs.
Canadian Coal: Comparable EBITDA for the three months ended March 31, 2019 was lower by $1 million, after adjusting for the one-time receipt of $157 million for the termination of the Sundance B and C PPAs in the first quarter of 2018. Performance in the first quarter of 2019 was in line with the same quarter of 2018, despite the termination of the Sundance PPAs and the mothballing of two units. This largely reflects the combined impact of higher prices, co-firing with gas, and lower OM&A costs offsetting the loss of ability to recover Sundance carbon compliance costs through the PPAs.
U.S. Coal: Comparable EBITDA was down by $35 million during the first quarter of 2019 compared to 2018. During an isolated and extreme pricing event in March, Centralia was unable to commit one of its units to physical production for day ahead supply due to an unplanned forced outage repair. As a result, the Company incurred cash losses of $25 million on its day ahead hedging position. This isolated and extreme pricing event was the result of cold weather and strong demand in the Pacific Northwest as well as from extremely high natural gas prices. The affected unit was able to return to service earlier than expected for delivery in the real time market, however, it was only able to recover a portion of the day ahead hedge losses due to real time prices settling significantly below the day ahead settlement price. The day ahead and subsequent real time prices are historically very similar. The event occurred within a 48-hour period. The remaining variance of $10 million is mainly related to the strong results in 2018 as we fulfilled our contracted volumes with low priced power purchases.
Canadian Gas: Comparable EBITDA for the three months ended March 31, 2019 decreased by $31 million compared to the same period in 2018, mainly due to the expiry of the Mississauga contract on December 31, 2018 and lower scheduled payments from the Poplar Creek finance lease. In 2018, comparable EBITDA included $29 million of revenues from the Mississauga contract.
Australian Gas: Comparable EBITDA for the three months ended March 31, 2019 was consistent with the same period in 2018, which was expected due to the nature of our contracts.
Wind and Solar: Comparable EBITDA for the three months ended March 31, 2019 was consistent with the same period in 2018 as lower overall production was offset by favorable pricing in Alberta and reductions in operating and production-based costs.
Hydro: Comparable EBITDA for the three months ended March 31, 2019 increased by $10 million compared to the same period in 2018, primarily due to a favourable market in Alberta.
Energy Marketing: Comparable EBITDA was $29 million higher compared to the same period in 2018 due to strong results from U.S. Western markets. In addition, Energy Marketing generated $18 million in unrealized mark-to-market gains in the quarter, which were not included in comparable EBITDA. The cash flow from these mark-to-market gains is expected to be realized in future periods.
Corporate: During the period, corporate cash flow was positively impacted by a total return swap which resulted in a $13 million decrease in administrative costs related to our share-based payment plan.
Consolidated Earnings Review
Net loss attributable to common shareholders during the first quarter of 2019 was $65 million compared to net earnings of $65 million for the same period in 2018. Last year’s net earnings included the one-time receipt of $157 million ($115 million after tax) for the termination of the Sundance B and C PPAs. Excluding the termination payment, this quarter’s net loss was $15 million higher due to lower comparable EBITDA, higher depreciation, and higher earnings attributable to non-controlling interests partially offset by lower interest expense and lower income tax expense.
First Quarter 2018 Financial and Operational Highlights
In $CAD millions, unless otherwise stated
3 Months Ended
March 31, 2019
March 31, 2018
Availability (%) (4)
89.4
93.9
Production (GWh)
8,125
7,171
Revenue
648
588
Comparable EBITDA
221
393
Net earnings attributable to common shareholder
(65)
65
Funds from operations
169
318
Cash Flow from Operating Activities
82
425
Free cash flow
95
238
Net earnings per common share attributable to common shareholders
$(0.23)
$0.23
Funds from operations per share
$0.59
$1.10
Free cash flow per share
$0.33
$0.83
Dividends declared per common share
$0.04
TransAlta is in the process of filing its Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at transalta.com or through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.
Conference call
We will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) today, May 14, 2019, to discuss our first quarter 2019 results. The call will begin with a short address by Dawn Farrell, President and CEO, and Christophe Dehout, Chief Financial Officer, followed by a question and answer period for investment analysts and investors. A question and answer period for the media will immediately follow. Please contact the conference operator five minutes prior to the call, noting TransAlta Corporation as the company and Sally Taylor as moderator.
Dial-in numbers First Quarter 2019 Results:
Toll-free North American participants call: 1-888-231-8191
Outside of Canada & USA call: 1-647-427-7450
A link to the live webcast will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 3795994 followed by the # sign. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.
Notes
(1) Excluding one-time positive cash flows due to the Alberta Power Purchase Arrangement terminations in 2018.
(2) These items are not defined under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods results. Refer to the Funds from Operations and Free Cash Flow and Earnings and Other Measures on a Comparable Basis sections of the Company’s MD&A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
(3) During the first quarter of 2019, we revised our approach to reporting adjustments to arrive at comparable EBITDA, mainly to be more comparable with other companies in the industry. Comparable EBITDA is now adjusted to exclude the impact of unrealized mark-to-market gains or losses. Both the current and prior period amounts have been adjusted to reflect this change.
(4) Availability and production includes all generating assets (generation operations and finance leases that we operate).
About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as forwarding-looking statements). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions, results and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as may, will, can, could, would, should, shall, believe, expect, estimate, anticipate, intend, plan, propose, project, forecast, foresee, potential, enable, continue and similar expressions. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to: the competitiveness of our business structure and asset diversification; increased financial capability following the arrangement with Brookfield; strategies and plans, including growing the business and continuing to execute our strategy; Ambassador Giffin intention to retire as director and Board Chair in 2020; the mothballing of Sundance Units 3 and 5 until November 1, 2021; the Windcharger battery storage project that is expected to store energy produced from the Summerview II Wind Farm; closing of the acquisition of a 49% interest in the Skookuumchuk Wind Energy Facility, including the commercial operation date; the investment by Brookfield for a further $400 million in exchangeable securities; the expected benefits from the strategic partnership with Brookfield; and the expected return of capital to shareholders. These statements are based on TransAlta’s beliefs and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the Company’s ability to successfully defend against any existing or potential legal actions or regulatory proceedings, including by Mangrove Partners; the closing of the second tranche of the Brookfield investment occurring and other risks to the Brookfield investment not materializing; no significant changes to regulatory, securities, credit or market environments; key assumptions including power prices, Sundance coal capacity factor and hydro/wind resource remaining unchanged from those previously stated on December 17, 2018; the anticipated Alberta capacity market framework in the future; our ownership of or relationship with TransAlta Renewables Inc. not materially changing; the Alberta hydro assets achieving their anticipated future value, cash flows and adjusted EBITDA; the anticipated benefits and financial results generated on the coal-to-gas conversions and the Company’s other strategies; and assumptions relating to the completion of the strategic partnership with and investment by Brookfield and proposed share buy-backs. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the failure of the second tranche of the Brookfield investment to close; the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to the Brookfield investment; changes in our relationships with Brookfield and its affiliated entities or our other shareholders; our Alberta hydro assets not achieving their anticipated value, cash flows or adjusted EBITDA; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; the inability to complete share buy-backs within the timeline or on the terms anticipated or at all; fluctuations in demand, market prices and the availability of fuel supplies required to generate electricity; changes in the current or anticipated legislative, regulatory and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under, these requirements; the failure of the conditions precedent to the second tranche of the investment to be satisfied; and other risks and uncertainties contained in the Company’s Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements, which reflect TransAlta’s expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
TransAlta Corporation (TransAlta or the Company) (TSX:TA) (NYSE:TAC) today announced the closing of the initial tranche of its previously announced $750 million strategic investment by an affiliate of Brookfield Renewable Partners (Brookfield).
Having achieved this important milestone, we can now start to realize the benefits of our partnership and financing with Brookfield,- said Dawn Farrell, CEO of TransAlta. We are moving swiftly to put capital to work including advancing our coal-to-gas conversions.
As previously disclosed, Brookfield will invest $750 million in TransAlta through the purchase of exchangeable securities, which are convertible into an equity ownership interest in TransAlta’s Alberta hydro assets in the future at a value based on a multiple of the hydro assets future adjusted EBITDA. In connection with today’s initial closing, Brookfield invested $350 million in TransAlta in exchange for unsecured, subordinated debentures; the remaining $400 million will be invested in October 2020 in exchange for a new series of redeemable, retractable first preferred shares, subject to the satisfaction of certain customary conditions precedent. In connection with the transaction, TransAlta shareholders recently elected to its Board of Directors two experienced Brookfield executives, Harry Goldgut and Richard Legault, at its 2019 Annual and Special Shareholders Meeting.
The investment provides the financial flexibility to drive TransAlta’s transition to 100% clean energy by 2025, recognizes the anticipated future value of TransAlta’s Alberta hydro assets, and also accelerates the Company’s plan to return capital to its shareholders. It also creates a partnership with one of the world’s leaders in the renewables industry and is expected to generate value in the near-term, while driving sustainable growth over the long-term for all TransAlta shareholders.
Further Information
Further information is contained in the Company’s material change report dated March 26, 2019 and investment agreement dated as of March 22, 2019 previously filed on www.sedar.com and www.sec.gov. Additional details about the strategic investment by Brookfield will be available in the Company’s further material change report, to be filed on www.sedar.com and www.sec.gov in due course. Copies of the definitive agreements entered into by TransAlta and Brookfield on the initial closing date will also be filed with the material change report.
About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as forwarding-looking statements). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions, results and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as may, will, can, could, would, should, shall, believe, expect, estimate, anticipate, intend, plan, propose, project, forecast, foresee, potential, enable, continue and similar expressions. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to: statements relating to the strategic investment by and partnership with Brookfield and its affiliated entities; the timing and probability for completing the proposed second tranche of the Brookfield investment; the ability of the investment to enhance the Company’s financial position and to execute its strategy; the Company’s use of proceeds and strategy, plans and priorities, including as it pertains to reducing debt, growing the renewables business, maintaining, realizing and maximizing the value of the hydro assets, converting coal-fired units to natural gas fired units and returning capital to shareholders; the Company’s relationship with Brookfield and other shareholders; the expected timing, costs and benefits of the strategic investment by and partnership with Brookfield; the expected benefits to be realized from the election of Brookfield’s nominees to the Board of Directors of the Company; the expected higher cash flow and anticipated adjusted EBITDA to be generated by the Alberta hydro assets following expiry of the power purchase arrangement in 2020 or upon the conversion of the exchangeable securities; the expected benefits of Brookfield being a cornerstone shareholder; and the timing, terms and probability of returning capital to shareholders through share buy-backs. These statements are based on TransAlta’s beliefs and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the Company’s ability to successfully defend against any existing or potential legal actions or regulatory proceedings, including by Mangrove Partners; the closing of the second tranche of the Brookfield investment occurring and other risks to the Brookfield investment not materializing; no significant changes to regulatory, securities, credit or market environments; the anticipated Alberta capacity market framework in the future; our ownership of or relationship with TransAlta Renewables Inc. not materially changing; the Alberta hydro assets achieving their anticipated future value, cash flows and adjusted EBITDA; the anticipated benefits and financial results generated on the coal-to-gas conversions and the Company’s other strategies; the Company’s and Mangrove’s strategies and plans; no significant changes in applicable laws, including any tax or regulatory changes in the markets in which we operate; the anticipated structure and framework of an Alberta capacity market in the future; risks associated with the impact of the Brookfield investment on the Company’s shareholders, debtholders and credit ratings; assumptions referenced in our 2019 guidance; no material decline in the dividends expected to be received from TransAlta Renewables Inc.; the expected life extension of the coal fleet and anticipated financial results generated on conversion; and assumptions relating to the completion of the strategic partnership with and investment by Brookfield and proposed share buy-backs. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the failure of the Brookfield’s director nominees to be elected at future shareholders meetings; the failure of the second tranche of the Brookfield investment to close; the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to the Brookfield investment; changes in our relationships with Brookfield and its affiliated entities or our other shareholders; our Alberta hydro assets not achieving their anticipated value, cash flows or adjusted EBITDA; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; the inability to complete share buy-backs within the timeline or on the terms anticipated or at all; fluctuations in demand, market prices and the availability of fuel supplies required to generate electricity; changes in the current or anticipated legislative, regulatory and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under, these requirements; the failure of the conditions precedent to the second tranche of the investment to be satisfied; risks associated with the calculation of the hydro assets EBITDA, including non-financial measures included in that calculation; the anticipated benefits of the joint Brookfield/TransAlta hydro operating committee not materializing; the timing and value of Brookfield’s exchange of exchangeable securities and the amount of equity interest in the hydro assets resulting therefrom; changes in general economic conditions including interests rates; operational risks involving our facilities; unexpected increases in cost structure; failure to meet financial expectations; structural subordination of securities; and other risks and uncertainties contained in the Company’s Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission (SEC) on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements, which reflect TransAlta’s expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Certain financial information contained in this news release, including the calculation of EBITDA pursuant to the Brookfield investment, may not be standard measures defined under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures presented by other entities. For further information on the calculation of EBITDA in respect of the Brookfield investment and with regard to the exchangeable securities, reference should be made to the material change report and the investment agreement previously filed by the Company, and the further material change report and copies of the definitive agreements to be filed, with the Canadian securities regulators on www.sedar.com and the SEC on www.sec.gov.
TransAlta Corporation (TransAlta or the Company) (TSX:TA) (NYSE:TAC) announced that shareholders elected all of management’s director nominees to the TransAlta Board of Directors and approved all other resolutions at the Company’s Annual and Special Meeting of Shareholders (the Meeting) held earlier today. In total, 182,931,519 votes were cast in person or by proxy, representing 64.27% of the eligible common shares one of the highest participation rates at a TransAlta shareholders meeting ever.
Today’s result is an important validation of TransAlta’s strategy, team and progress,- said Ambassador Gordon Giffin, Chair of the Board of TransAlta. We are well positioned to advance our strategy; a strategy that is informed by shareholders, supported by shareholders and designed to create value for all shareholders.
Ambassador Giffin added, I would like to formally welcome our new directors to the Board and look forward to their meaningful contributions as we continue to transition to 100% clean power. I would also like to thank our shareholders for their vote of confidence in TransAlta.
As previously disclosed, TransAlta secured a strategic partnership and $750 million financing with Brookfield Renewable Partners which will enable TransAlta to advance its strategy. TransAlta’s strategy is focused on converting coal units to gas, investing in renewables and accelerating returns to shareholders.
Meeting Results
The following resolutions were considered by Shareholders:
Election of Directors
The 12 director nominees proposed by management were elected as directors of TransAlta’s Board. The vote was conducted by ballot. Detailed results of the vote are set out below:
Nominee
Votes For
Percent
Votes Withheld
Percent
Rona Ambrose
165,878,152
95.41%
7,979,310
4.59%
John Dielwart
170,414,085
98.02%
3,443,377
1.98%
Dawn Farrell
171,019,370
98.37%
2,838,092
1.63%
Robert Flexon
171,178,303
98.46%
2,674,851
1.54%
Alan Fohrer
155,216,169
89.28%
18,641,263
10.72%
Gordon Giffin
154,943,251
89.12%
18,914,211
10.88%
Harry Goldgut
171,078,139
98.40%
2,779,323
1.60%
Richard Legault
171,010,448
98.36%
2,847,014
1.64%
Yakout Mansor
171,083,506
98.40%
2,773,956
1.60%
Georgia Nelson
165,635,298
95.27%
8,222,164
4.73%
Beverlee Park
149,886,624
86.21%
23,970,838
13.79%
Bryan Pinney
171,205,639
98.47%
2,651,823
1.53%
Re-Appointment of Auditors
The re-appointment of Ernst & Young LLP, to serve as the auditors of TransAlta until the close of the next annual meeting of shareholders, was approved by a show of hands. Proxies were received as follows:
Votes For
Percent
Votes Withheld
Percent
180,885,764
98.90%
2,014,869
1.10%
Renewal of Amended and Restated Shareholder Rights Plan
The ordinary resolution ratifying, confirming and approving the continuance, amendment and restatement of the Company’s Amended and Restated Shareholder Rights Plan was conducted by ballot and the resolution was approved. The results of the vote are as follows:
Votes For
Percent
Votes Against
Percent
154,631,723
88.94%
19,226,876
11.06%
Advisory Vote on Executive Compensation
In line with TransAlta’s ongoing commitment to good corporate governance, each year it provides shareholders with an opportunity to vote on its approach to executive compensation. This year’s strong shareholder approval reflects TransAlta’s focus on ensuring executive compensation rewards top performance and aligns management’s interests with both the Company’s business strategy and the interests of shareholders. The advisory vote on the Company’s approach to executive compensation was conducted by ballot and the resolution was approved. The results of the vote are as follows:
Votes For
Percent
Votes Against
Percent
149,071,238
85.75%
24,782,140
14.25%
About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words expect, anticipate, continue, estimate, may, will, project, should, propose, plans, intends and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release may contain forward-looking statements and information relating to: the nature, timing and impact of existing or potential legal actions or regulatory proceedings, including those initiated by Mangrove; the investment by Brookfield Renewable Partners or its institutional partners (Brookfield) and expected benefits to the Company and its shareholders; the ability of the investment to enhance the Company’s financial position and to execute its strategy; the Company’s strategy, plans and priorities; the Company’s relationship with Brookfield or its affiliates and other shareholders; the expected timing, costs and benefits of the strategic investment by and partnership with Brookfield or its affiliates; and legislative, regulatory and political uncertainty in the jurisdictions in which we operate. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the Company’s ability to successfully defend against any existing or potential legal actions or regulatory proceedings, including those initiated by Mangrove; the closing of the Brookfield investment occurring and other risks to the Brookfield investment not materializing; no significant changes to regulatory, securities, credit or market environments; the anticipated Alberta capacity market framework in the future; our ownership of or relationship with TransAlta Renewables Inc. not materially changing; the Alberta hydro assets achieving their anticipated value, cash flows and adjusted EBITDA; the anticipated benefits and financial results generated on the coal-to-gas conversion and the Company’s other strategies; the Company’s and Mangrove’s/Bluescape’s strategies and plans; no significant changes in applicable laws; risks associated with the impact of the Brookfield investment on the Company’s shareholders, debtholders and credit ratings; assumptions relating to our current strategy and priorities, including as it pertains to our coal-to-gas conversions, developing and growing renewables projects, and maintaining and realizing the value of our hydro assets; and the timing and terms of any substantial or normal course issuer bids. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the failure of the Brookfield investment to close; the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to Brookfield investment; changes in our relationship with Brookfield; changes in our relationship with other shareholders; our Alberta hydro assets not achieving their anticipated value, cash flows or adjusted EBITDA; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; the inability to complete share buy-backs within the timeline or on the terms anticipated or at all; changes in current or anticipated legislative, regulatory and political environments; and other risks and uncertainties contained in the Company’s Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today commented on the latest news release from Mangrove Partners.
Mangrove’s latest claim is without merit and is simply the latest complaint in a string of frivolous tactics. We will defend TransAlta and the interests of our shareholders vigorously,- said Ambassador Gordon Giffin, Chair of the Board of TransAlta. A majority of our shareholders have already voted overwhelmingly in support of the Board at our upcoming Meeting. We look forward to moving ahead with our value creation plan supported by our partnership with Brookfield.
As previously disclosed, TransAlta secured a strategic partnership and $750 million financing with Brookfield Renewable which will enable TransAlta to advance its strategy. TransAlta’s strategy is focused on converting coal units to gas, investing in renewables and accelerating returns to shareholders. TransAlta’s 2019 annual and special meeting will take place on April 26, 2019 in Calgary, Alberta.
Vote the BLUE Proxy Today
TransAlta asks those shareholders that have not already voted to read the Company’s management proxy circular dated March 26, 2019 (the Circular) carefully and to vote the BLUE proxy FOR all 12 TransAlta director nominees at our upcoming annual and special shareholders meeting on April 26, 2019 (the Meeting). Shareholder support is critical as we work to build a foundation for long-term, sustainable value creation as a leading clean energy company.
A copy of the Circular can be downloaded from the Company’s SEDAR profile at www.sedar.com and the Company’s EDGAR profile at www.sec.gov. The Circular is also available at TransAlta’s website.
A vote FOR TransAlta’s director nominees will be a vote to realize the value of TransAlta’s diverse and quality assets for decades to come, a vote for an experienced and engaged Board and a vote to share in the upside of TransAlta. Becoming a voter is fast and easy. To support TransAlta’s Board, vote only your BLUE proxy or voting instruction form today.
If you have any questions about the Meeting, please contact Kingsdale Advisors, TransAlta’s strategic shareholder advisor and proxy solicitation agent, by telephone at 1-877-659-1820 (toll-free in North America) or 1-416-867-2272 (collect outside North America) or by email at contactus@kingsdaleadvisors.com.
About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words expect, anticipate, continue, estimate, may, will, project, should, propose, plans, intends and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the timing, business and anticipated outcomes at the 2019 shareholders meeting, including as a result of actions by Mangrove; the nature, timing and impact of existing or potential legal actions or regulatory proceedings, including those initiated by Mangrove; the investment by Brookfield Renewable Partners or its institutional partners (Brookfield) and expected benefits to the Company and its shareholders; and the Company’s strategy, plans and priorities. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the election of the Company’s proposed director nominees and outcome of other items to be voted upon at the 2019 shareholders meeting; the Company’s ability to successfully defend against existing or potential legal actions or regulatory proceedings; the closing of the Brookfield investment occurring and other risks to the Brookfield investment not materializing; the Company undertaking an issuer bid as contemplated by the investment agreement; and risks associated with the impact of the Brookfield investment on the Company’s shareholders, debtholders and credit ratings. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the failure of any of the Company’s director nominees to be elected at the shareholders meeting; the failure of the Company to obtain approval for other items of business at the shareholders meeting; the failure of the Brookfield investment to close; the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to the shareholders meeting and the Brookfield investment; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; and other risks and uncertainties contained in the Company’s Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) announced today that Mangrove Partners has withdrawn its application before the Alberta Securities Commission (ASC) for a hearing related to TransAlta’s recent transaction with Brookfield.
As previously released, Mangrove originally filed applications on April 8, 2019 before both the ASC and the Ontario Securities Commission (OSC) complaining about the Brookfield transaction. On April 15, 2019, the OSC issued a decision declining to assert jurisdiction, which left the matter solely within the jurisdiction of the ASC.
Within hours of receiving TransAlta’s response submissions on April 17, 2019, Mangrove withdrew its application effective immediately. The result is that Mangrove’s application before the ASC has been abandoned. The OSC’s previous decision declining to hear the complaints, coupled with Mangrove abandoning its application before the ASC, means that this matter before the Commissions is at an end.
TransAlta’s 2019 annual and special meeting will take place on April 26, 2019 in Calgary, Alberta.
As previously disclosed, TransAlta secured a strategic partnership and $750 million financing with Brookfield Renewable which will enable TransAlta to advance its strategy. TransAlta’s strategy is focused on converting coal units to gas, investing in renewables and accelerating returns to shareholders.
Vote the BLUE Proxy Today
TransAlta asks shareholders to read the Company’s management proxy circular dated March 26, 2019 (the Circular) carefully and to vote the BLUE proxy FOR all 12 TransAlta director nominees at our upcoming annual and special shareholders meeting on April 26, 2019 (the Meeting). Shareholder support is critical as we work to build a foundation for long-term, sustainable value creation as a leading clean energy company.
A copy of the Circular can be downloaded from the Company’s SEDAR profile at www.sedar.com and the Company’s EDGAR profile at www.sec.gov. The Circular is also available at TransAlta’s website.
A vote FOR TransAlta’s director nominees will be a vote to realize the value of TransAlta’s diverse and quality assets for decades to come, a vote for an experienced and engaged Board and a vote to share in the upside of TransAlta. Becoming a voter is fast and easy. To support TransAlta’s Board, vote only your BLUE proxy or voting instruction form today.
If you have any questions about the Meeting, please contact Kingsdale Advisors, TransAlta’s strategic shareholder advisor and proxy solicitation agent, by telephone at 1-877-659-1820 (toll-free in North America) or 1-416-867-2272 (collect outside North America) or by email at contactus@kingsdaleadvisors.com.]
About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words expect, anticipate, continue, estimate, may, will, project, should, propose, plans, intends and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the timing, business and anticipated outcomes at the 2019 shareholders meeting, including as a result of actions by Mangrove/Bluescape; the nature, timing and impact of existing or potential legal actions or regulatory proceedings, including those initiated by Mangrove; the investment by Brookfield Renewable Partners or its institutional partners (Brookfield) and expected benefits to the Company and its shareholders; the ability of the investment to enhance the Company’s financial position and to execute its strategy; the Company’s strategy, plans and priorities; the Company’s relationship with Brookfield or its affiliates and other shareholders; and the expected timing, costs and benefits of the strategic investment by and partnership with Brookfield or its affiliates. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the election of the Company’s proposed director nominees and outcome of other items to be voted upon at the 2019 shareholders meeting; the Company’s ability to successfully defend against existing or potential legal actions or regulatory proceedings; the closing of the Brookfield investment occurring and other risks to the Brookfield investment not materializing; no significant changes to regulatory, securities, credit or market environments; the anticipated Alberta capacity market framework in the future; our ownership of or relationship with TransAlta Renewables Inc. not materially changing; the Alberta hydro assets achieving their anticipated value, cash flows and adjusted EBITDA; the anticipated benefits and financial results generated on the coal-to-gas conversion and the Company’s other strategies; the Company’s and Mangrove’s/Bluescape’s strategies and plans; no significant changes in applicable laws; and risks associated with the impact of the Brookfield investment on the Company’s shareholders, debtholders and credit ratings. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the failure of any of the Company’s director nominees to be elected at the shareholders meeting; the failure of the Company to obtain approval for other items of business at the shareholders meeting; the failure of the Brookfield investment to close; the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to the shareholders meeting and the Brookfield investment; the impact of any withhold campaign or appointment of any slate of directors proposed by Mangrove/Bluescape and the subsequent termination of the Brookfield investment by the Company; changes in our relationship with Brookfield; changes in our relationship with other shareholders; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; and other risks and uncertainties contained in the Company’s Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, filed under the Company’s profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
TransAlta Corporation (TransAlta) (TSX: TA) (NYSE: TAC) will release its first quarter 2019 results before market open on Tuesday, May 14, 2019. A conference call and webcast to discuss the results will be held for investors, analysts, members of the media and other interested parties the same day beginning at 9:00 a.m. Mountain Time (11:00 a.m. ET). The media will be invited to ask questions following analysts.
Please contact the conference operator five minutes prior to the call, noting TransAlta Corporation as the company and Sally Taylor as moderator.
Dial-in numbers First Quarter 2019 Results:
Toll-free North American participants call: 1-888-231-8191
Outside of Canada & USA call: 1-647-427-7450
A link to the live webcast will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 3795994 followed by the # sign. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.
About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
For more information about TransAlta, visit our web site at transalta.com.
