TransAlta Board of Directors announces dividend policy and payout ratio; files Management Proxy Circular and related annual docu
25 March 2008 - 11:50PM
Marketwired
CALGARY, ALBERTA (NYSE: TAC) has made over the past several
years to strengthen its balance sheet and consistently grow
earnings and cash flow, the Board of Directors today announced it
has adopted a formal dividend policy. The policy targets to pay
shareholders an annual dividend in the range of 60 to 70 per cent
of comparable earnings.
Donna Soble Kaufman, Chair of the Board of Directors said, "The
dividend is an important component of how TransAlta returns value
to shareholders. This policy reflects the Board's intention to
maintain a balanced approach to capital allocation and to continue
to increase the dividend along with the Company's earnings growth.
We believe our low to moderate risk business strategy and
commitment to financial strength and flexibility will continue to
provide our shareholders with sustainable returns through commodity
market and credit cycles."
On Feb. 1, 2008, following a record year in 2007 in terms of
comparable earnings per share and cash flow, the Company announced
an 8 per cent increase to the annual dividend to $1.08 from $1.00
per share.
TransAlta also announced today it has filed its Management Proxy
Circular on Sedar and Edgar. A copy is being mailed to shareholders
in advance of the Company's upcoming Annual General Meeting which
will be held at 5:00pm in Edmonton on April 22, 2008.
TransAlta is encouraging its shareholders to read the Circular
carefully and to vote their shares in support of management's
recommendations. Shareholders having questions about the
information contained in this Circular or who would like help
voting their shares, should contact Georgeson Shareholder, the
Company's proxy solicitation agent, toll free in North America at
1-866-725-6571, or collect for international calls at
1-212-440-9800.
In addition TransAlta has filed its 2007 Annual Report,
including all consolidated financial statements and accompanying
notes, as well as the related Management Discussion and Analysis
(MD&A). These documents are available on the TransAlta website
at www.transalta.com. TransAlta has also filed its 40-F with the
U.S. Securities and Exchange Commission. This form is available
through their website at www.sec.gov/edgar.shtml. Paper copies of
all documents are available to shareholders free of charge upon
request.
TransAlta is a power generation and wholesale marketing company
focused on creating long-term shareholder value. We maintain a
low-risk profile by operating a highly contracted portfolio of
assets in Canada, the United States, Mexico and Australia. Our
focus is to efficiently operate our coal-fired, gas-fired, hydro
and renewable facilities in order to provide our customers with a
reliable, low-cost source of power. For nearly 100 years, we've
been a responsible operator and a proud contributor to the
communities where we work and live.
Contacts: TransAlta Corporation - Media inquiries Michael
Lawrence Senior Advisor, Media Relations Phone: (403) 267-7330
Email: michael_lawrence@transalta.com TransAlta Corporation -
Investor inquiries Jess Nieukerk Senior Analyst, Investor Relations
Phone: (403) 267-3607 or 1-800-387-3598 in Canada and U.S. (403)
267-2590 (FAX) Email: investor_relations@transalta.com Website:
www.transalta.com
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