Atlantic Power Corporation Adopts Advance Notice Policy
BOSTON, April 2, 2013 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (the "Company" or "Atlantic Power") announced today that its Board of Directors (the "Board") has adopted an Advance Notice Policy (the "Policy"), which includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to: (i) a proposal made in accordance with the Business Corporations Act (British Columbia) (the "Act"); or (ii) a requisition of the shareholders made in accordance with the Act. This type of policy has become quite common for U.S. Companies, is becoming more common for Canadian companies and is consistent with the Company's goals of (i) facilitating orderly and efficient shareholder meetings; (ii) ensuring that all shareholders receive adequate notice of director nominations and sufficient information with respect to all nominees; and (iii) allowing shareholders to register an informed vote.
Among other things, the Policy fixes a deadline by which shareholders of the Company must submit director nominations to the corporate secretary of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in such notice for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Policy.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made by the Company, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made. The Policy is effective and in full force and effect as of the date it was approved. The Policy will be put to shareholders of the Company for approval at the Company's next meeting of shareholders and if it is not confirmed at the meeting, will terminate and be of no further force and effect.
A copy of the Policy will be available under the Company's profile on SEDAR at www.sedar.com.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power generation and infrastructure assets in the United States and Canada. Atlantic Power's power generation projects sell electricity to utilities and other large commercial customers largely under long-term PPAs, which seek to minimize exposure to changes in commodity prices. Its power generation projects in operation have an aggregate gross electric generation capacity of approximately 3,366 MW in which its aggregate ownership interest is approximately 2,117 MW. These totals exclude projects designated as held for sale at December 31, 2012 and its 40% interest in the Delta-Person generating station for which Atlantic Power entered into an agreement to sell in December 2012. On January 31, 2013, Atlantic Power and certain of its subsidiaries entered into an agreement to sell their interests in the Auburndale Power Partners, L.P., Lake CoGen, Ltd and Pasco CoGen, Ltd. projects. On March 8, 2013, Atlantic Power entered into a purchase and sale agreement to sell its 100% interest in its Path 15 transmission line. Its current portfolio of continuing operations consists of interests in 29 operational power generation projects across 11 states in the United States and two provinces in Canada. In addition, Atlantic Power has a 53 MW biomass project under construction in Georgia. Recently, Atlantic Power acquired Ridgeline Energy, Inc., a wind and solar development company located in Seattle, Washington, which will enhance its ability to develop, construct, acquire and operate wind and solar energy projects in the United States and Canada. Atlantic Power also owns a majority interest in Rollcast Energy, a biomass power plant developer in North Carolina.
Atlantic Power has a market capitalization of approximately $600 million and trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit the Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor Relations
SOURCE Atlantic Power Corporation