BOSTON, April 2, 2013 /CNW/ - 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
(617) 977-2700
info@atlanticpower.com
SOURCE Atlantic Power Corporation