Update on TransAlta's Series G Preferred Shares
TransAlta Corporation (TSX: TA; NYSE: TAC) has shared important news about its cumulative redeemable rate reset first preferred shares, known as Series G. The company has decided not to exercise its right to redeem these shares on the upcoming conversion date.
Details on the Conversion of Series G Shares
Holders of Series G Shares will have the chance to convert their shares into cumulative redeemable floating rate first preferred shares, referred to as Series H Shares. This conversion will follow the established ratio, allowing shareholders to receive one Series H Share for each Series G Share they own, subject to certain terms and conditions.
Upcoming Dividend Rate Announcements
The company will announce the upcoming dividend rate for Series G Shares for the period from September 30, 2024, to September 30, 2029, as well as the rate for Series H Shares for the three-month period starting September 30, 2024. This information will be shared through a news release on September 3, 2024.
Conditions Affecting Conversion
TransAlta has specified conditions that could influence the conversion process. If there are fewer than 1,000,000 Series G Shares outstanding on the conversion date, all Series G Shares will automatically convert to Series H Shares. On the other hand, if there are fewer than 1,000,000 Series H Shares available after the conversion, shareholders will not be able to convert their Series G Shares into Series H Shares.
Important Information on the Process and Deadlines
Shareholders who wish to convert their shares should remember that they must submit their exercise notification before the deadline of September 16, 2024, by 3:00 p.m. (MST) / 5:00 p.m. (EST). This conversion process must be done through a CDS Participant, and it is essential for shareholders to ensure their requests are submitted on time to avoid missing the deadline.
Approval from the Stock Exchange
The Toronto Stock Exchange (TSX) has granted conditional approval for the listing of Series H Shares, which will take effect upon conversion. This step is designed to enhance shareholder engagement and ensure compliance with listing requirements.
About TransAlta Corporation
TransAlta is a prominent energy provider with a diverse portfolio of power generation assets across various markets, including wind and hydroelectric power. The company is dedicated to sustainable energy solutions and aims to provide long-term value to its shareholders. With over a century of experience, TransAlta is committed to environmentally responsible practices and aligns its goals with internationally recognized sustainable development objectives.
Commitment to Sustainability
The company has made significant strides in reducing greenhouse gas (GHG) emissions, achieving a notable decrease since 2015. TransAlta's alignment with the UN Sustainable Development Goals underscores its commitment to corporate responsibility and environmental stewardship.
Contact Information for the Company
For investor inquiries, please call 1-800-387-3598 in Canada and the US, or email investor_relations@transalta.com. For media inquiries, contact 1-855-255-9184 or email 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, which grant holders specific rights to convert into Series H Shares.
When will the conversion of Series G Shares take place?
The conversion right is scheduled for September 30, 2024, with the notice period closing on September 16, 2024.
What happens if I miss the conversion deadline?
If the election notice is not submitted on time, the Series G Shares will remain unchanged and will not convert, unless an automatic conversion occurs.
How can I learn more about TransAlta?
For more information, you can visit transalta.com, where you will find comprehensive details about their operations and sustainability initiatives.
What is TransAlta's approach to sustainability?
TransAlta is dedicated to sustainable practices and has achieved significant reductions in GHG emissions, aligning its objectives with the UN Sustainable Development Goals.
