The activist investors who’ve bought into TransAlta Corp. are nominating five directors to the company’s board in an effort to kill an investment in the company by Brookfield Renewable Partners LP.
The investment was in response to shareholder dissatisfaction with the pace of change at TransAlta, CEO Dawn Farrell acknowledged, but wasn’t a direct response to the investment by New York-based Mangrove Partners and the two other funds.Mangrove said in January that it had acquired 9.4 per cent of TransAlta.
Later that day, she got feedback. The company said late Monday it had received notice that Mangrove Partners intends to nominate five candidates for election to the company’s board at TransAlta’s upcoming annual shareholders meeting. TransAlta said it “will review Mangrove’s notice, consider the suitability of its nominees and communicate more fully with its shareholder in due course.”
The funds said Tuesday they “have had insufficient time to fully evaluate the Brookfield Investment Agreement. However, they believe that transactions superior to [it] may be available to [TransAlta] and that it is therefore important to preserve the Company's ability to terminate the Brookfield Investment Agreement in order to explore and potentially pursue such superior transactions.
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