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TAC

TransAlta

$6.88

-0.175 (-2.48%)

16:40
04/23/19
04/23
16:40
04/23/19
16:40

Mangrove Partners commences action in Ontario court against TransAlta

Mangrove Partners, one of the largest shareholders of TransAlta with aggregate ownership of 7.1% of the company's outstanding shares, announced that it has commenced an action in the Ontario Superior Court of Justice against TransAlta, its Directors and Brookfield BRP Holdings. The action arises out of TransAlta's continued misrepresentation and obfuscation of critical details relating to the upcoming 2019 annual and special meeting of shareholders, and the proposed $750M transaction between the company and Brookfield BRP Holdings. In the action, Mangrove seeks relief under the oppression remedy provisions of the Canada Business Corporations Act, asking the Court to set aside the Brookfield Transaction. Mangrove commenced the action following TransAlta's repeated insistence, to both the Ontario Securities Commission and the Alberta Securities Commission, that Mangrove pursue its claims for relief in the courts and not before the Commissions. In its statement of claim, Mangrove outlines the rushed, defensive and improvident nature of the Brookfield Transaction, including that the TransAlta Special Committee was formed less than two weeks before the public announcement of the Transaction, and that CIBC was not formally engaged as financial advisor until three days before the announcement. The claim also records that TransAlta had rebuffed multiple offers by Brookfield to acquire the entire company over the past several years, only acceding to Brookfield's repeated entreaties when faced with an imminent proxy contest.

  • 14

    May

TAC TransAlta
$6.88

-0.175 (-2.48%)

03/19/19
03/19/19
UPGRADE

Neutral
TransAlta upgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Andrew Kuske upgraded TransAlta to Neutral from Underperform after securities filings in Canada and the U.S. highlighted an activist approach for the company. The analyst believes a number of actions could be used to surface value from TransAlta's asset base, but will largely be focused on the hydro portfolio and large interest in TransAlta Renewables.
03/26/19
TDSI
03/26/19
UPGRADE
TDSI
Buy
TransAlta upgraded to Buy from Hold at TD Securities
03/26/19
03/26/19
UPGRADE

Buy
TransAlta upgraded to Buy on investmetn agreement at TD Securities
As previously reported, TD Securities upgraded TransAlta (TAC) to Buy from Hold and raised its price target to C$12 from C$8.50. Analyst John Mould said Brookfield Renewable Partners (BEP) $750M investment in TransAlta improves the company's financial flexibility, accelerates its ability to return capital to shareholders and advance the coal-to-gas conversion.
03/26/19
03/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Strong Buy from Market Perform at Raymond James , to Hold from Sell at Loop Capital, and to Sector Weight from Underweight at KeyBanc. 2. BB&T (BBT) upgraded to Buy from Hold at Deutsche Bank with analyst Matt O'Connor saying after meeting with CEO of SunTrust (STI), he remains positive on the merger and the combined stock. 3. Vertex (VRTX) upgraded to Outperform from Market Perform at William Blair with analyst Y. Katherine Xu citing expectations that the company's cystic fibrosis franchise will continue dominating after Proteostasis (PTI) reported disappointing triplet data. 4. Allegiant Travel (ALGT) upgraded to Outperform from Neutral at Macquarie with analyst Susan Donofrio citing her meetings with its management last week. 5. TransAlta (TAC) upgraded to Buy from Hold at TD Securities with analyst John Mould saying Brookfield Renewable Partners (BEP) $750M investment in TransAlta improves the company's financial flexibility, accelerates its ability to return capital to shareholders and advance the coal-to-gas conversion. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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