TransAlta Announces Right to Convert Series G Preferred Shares
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TransAlta's Series G Preferred Shares Update
TransAlta Corporation (TSX: TA; NYSE: TAC) has announced significant news regarding its cumulative redeemable rate reset first preferred shares Series G. The company will not exercise its right to redeem these shares on the upcoming conversion date.
Conversion Details for Series G Shares
The holders of the Series G Shares will have the opportunity to convert their shares into cumulative redeemable floating rate first preferred shares, known as Series H Shares. This conversion will adhere to the established ratio, allowing shareholders to receive one Series H Share for each Series G Share they hold, subject to specific terms and conditions.
Upcoming Dividend Rate Announcements
The upcoming dividend rate applicable to Series G Shares during the period from September 30, 2024, to September 30, 2029, and the rate for Series H Shares for the three-month period beginning September 30, 2024, will be disclosed by the company through a news release on September 3, 2024.
Conditions for Conversion
TransAlta has outlined scenarios that may affect the conversion process. If there are fewer than 1,000,000 Series G Shares remaining outstanding on the conversion date, all Series G Shares will convert to Series H Shares automatically. Conversely, if fewer than 1,000,000 Series H Shares exist post-conversion, shareholders will be ineligible to convert Series G Shares into Series H Shares.
Important Process and Deadline Information
Shareholders wishing to convert their shares are reminded that the exercise notification must be submitted before the established deadline of September 16, 2024, by 3:00 p.m. (MST) / 5:00 p.m. (EST). This conversion must be facilitated through a CDS Participant, and it is crucial for shareholders to ensure their requests are lodged in a timely manner to avoid missing the deadline.
Stock Exchange Approval
The Toronto Stock Exchange (TSX) has given conditional approval for the listing of Series H Shares, which will become effective upon conversion. This move is intended to facilitate further engagement with shareholders and maintain compliance with listing requirements.
About TransAlta Corporation
TransAlta is a leading energy provider, operating a broad portfolio of power generation assets across multiple markets, including wind and hydroelectric power. The company focuses on sustainable energy solutions and aims to deliver long-term value to its shareholders. With over a century of operational experience, TransAlta has committed to environmentally responsible practices and aligns its objectives with internationally recognized sustainable development goals.
Commitment to Sustainability
The company has made notable progress toward reducing greenhouse gas (GHG) emissions, achieving a significant reduction since 2015. TransAlta's alignment with the UN Sustainable Development Goals emphasizes its dedication to corporate responsibility and ecological stewardship.
Company Contact Information
For investor inquiries, reach out at 1-800-387-3598 in Canada and the US, or email investor_relations@transalta.com. Media inquiries can be directed to 1-855-255-9184 or via ta_media_relations@transalta.com.
Frequently Asked Questions
What are the Series G Shares of TransAlta?
Series G Shares are cumulative redeemable rate reset first preferred shares issued by TransAlta, providing certain rights to their holders for conversion into Series H Shares.
When will the conversion of Series G Shares take place?
The conversion right is set for September 30, 2024, with a notice period ending on September 16, 2024.
What happens if I miss the conversion deadline?
If the election notice is not received in time, the Series G Shares will remain as is and not undergo conversion, except in the case of automatic conversion.
How can I learn more about TransAlta?
For further information, you can visit transalta.com, where comprehensive details about their operations and sustainability initiatives are provided.
What is TransAlta's approach to sustainability?
TransAlta is committed to sustainable practices and has made significant reductions in GHG emissions, aligning its goals with the UN Sustainable Development Goals.
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