BOSTON, Oct. 21, 2014 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or
the "Company") previously disclosed on September 16, 2014 that the Company's Board of
Directors, with the assistance of its financial advisors, Goldman,
Sachs & Co. and Greenhill & Co., LLC, conducted a thorough
review of the options available to the Company with respect to a
possible sale or merger and concluded that a sale or merger of the
Company was not in the best interests of the Company or its
stakeholders at that time.
On October 16, 2014, Clinton Group
Inc. ("Clinton Group") delivered a letter to the Company's Board of
Directors urging the Company to reinstate the strategic review
process based upon Clinton Group's belief that the strategic review
process (which concluded in September, as noted above) yielded
offers for the Company at or above $4.00 per share and a transaction may still be
consummated at a price above $4.00
per share. Clinton Group's speculation about the Company's
sale or merger process is not consistent with the actual results of
that process.
The Company is committed to having an open and constructive
dialogue with its security holders, and regularly communicates with
significant stakeholders either proactively or in response to
enquiries. Consistent with that approach, on October 17, 2014 the Company spoke with
representatives of Clinton Group. In order to dispel Clinton
Group's misconceptions about the results of the sale or merger
process, the Company offered to share certain information from the
sale process, provided that Clinton Group agreed to be bound by
confidentiality obligations with respect to such information.
Clinton Group declined the Company's request to be bound by
confidentiality obligations.
In light of the letter and enquiries from investors, the Company
wishes to provide the following additional detail to all
shareholders concerning the process. The Company did not
receive any offers that the Company's Board of Directors believed
could be consummated at or above the closing share price of
$3.04 on May
1, 2014, being the day prior to press rumors concerning a
possible sale or merger of the Company.
As such, the Company's Board of Directors reaffirms that, at the
present time, the interests of the Company and its stakeholders are
best served by continuing to operate as an independent company and
executing the Company's business plan, including the objectives of
enhancing the value of its existing assets through optimization
investments and commercial activities, delevering its balance sheet
to improve both its cost of capital and ability to compete for new
investments, and utilizing the Company's core competencies to
create proprietary investment opportunities. In addition, the
Company will continue to assess other potential options, including
asset sales or the contribution of assets to a joint venture in
order to raise additional capital for growth and/or debt
reduction.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation 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 power purchase agreements, 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 2,945 MW in which its
aggregate ownership interest is approximately 2,024 MW. Its
current portfolio consists of interests in twenty-eight operational
power generation projects across eleven states in the United States and two provinces in
Canada.
Atlantic Power 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
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power" or on Atlantic
Power's website.
Cautionary Note Regarding Forward-Looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate", "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited,
to statements with respect to:
- the Company's ability to execute its business plan, including
the objectives of enhancing the value of its existing assets
through optimization investments and commercial activities,
delevering its balance sheet to improve both its cost of capital
and ability to compete for new investments, and utilizing the
Company's core competencies to create proprietary investment
opportunities; and
- the Company continuing to assess other potential options,
including asset sales or the contribution of assets to a joint
venture in order to raise additional capital for growth and/or debt
reduction.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the Company,
including, without limitation, the Company's ability to evaluate
and/or implement potential options, including asset sales or joint
ventures to raise additional capital for growth and/or potential
debt reduction, and the impact any such potential options may have
on the Company or the Company's stock price. Although the
forward-looking statements contained in this news release are based
upon what are believed to be reasonable assumptions, investors
cannot be assured that actual results will be consistent with these
forward-looking statements, and the differences may be
material. These forward-looking statements are made as of the
date of this news release and, except as expressly required by
applicable law, the Company assumes no obligation to update or
revise them to reflect new events or circumstances.
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SOURCE Atlantic Power Corporation