TransAlta renews normal course issuer bid program
May 05 2008 - 11:45AM
Marketwired
CALGARY, ALBERTA (NYSE: TAC) announced today it has received
regulatory approval from the Toronto Stock Exchange (TSX) for the
continuation of its normal course issuer bid program. The program
is in its eighth consecutive year.
TransAlta believes maintaining a balanced approach to capital
allocation enables the company to create consistent and stable
shareholder value in a capital intensive, commodity industry.
TransAlta's plan includes portfolio optimization, investment in new
capacity and returning capital to shareholders through dividends
and share buybacks. As in 2007, TransAlta has the approval to
purchase, for cancellation, up to 19,884,460 of its common shares,
representing 10 per cent of TransAlta's public float as of April
23, 2008.
During the last 12 months under its previous normal course
issuer bid, TransAlta repurchased 4,280,700 common shares,
representing approximately 2.1 per cent of the company's
outstanding shares on April 23, 2007, at an average price of
approximately $31.54 per common share.
The normal course issuer bid program will begin on May 6, 2008
and continue until May 5, 2009, or such earlier date as TransAlta
may complete its purchases. Purchases will be made on the open
market through the TSX at the market price of such shares at the
time of acquisition. Daily purchases will not exceed 236,119 common
shares representing 25 percent of the average daily trading volume
for the six calendar months prior to the date of approval of the
bid by the TSX, subject to block purchase exceptions outlined in
the TSX rules. TransAlta's average daily trading volume during the
last six calendar months was 944,476 common shares. TransAlta may
also issue put options to facilitate the purchase of common shares
pursuant to the normal course issuer bid program provided that no
such put options may be issued without prior consent of the
TSX.
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.
This news release may contain forward-looking statements,
including statements regarding the business and anticipated
financial performance of TransAlta Corporation. These statements
are based on TransAlta Corporation's belief and assumptions based
on information available at the time the assumption was made. These
statements are subject to a number of risks and uncertainties that
may cause actual results to differ materially from those
contemplated by the forward-looking statements. Some of the factors
that could cause such differences include legislative or regulatory
developments, competition, global capital markets activity, changes
in prevailing interest rates, currency exchange rates, inflation
levels and general economic conditions in geographic areas where
TransAlta Corporation operates.
Note: All financial figures are in Canadian dollars unless noted
otherwise.
Contacts: TransAlta Corporation - Media inquiries Michael
Lawrence Senior Advisor, Media Relations Phone: (403) 267-7330
Email: michael_lawrence@transalta.com TransAlta Corporation -
Investor inquiries Jennifer Pierce Vice President, Communications
& Investor Relations Phone: (403) 267-7622 or 1-800-387-3598 in
Canada and U.S. Email: investor_relations@transalta.com TransAlta
Corporation - Investor inquiries Jess Nieukerk Senior Analyst,
Investor Relations Phone: (403) 267-3607 Email:
investor_relations@transalta.com Website: www.transalta.com
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