EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) (Capital Power or the Company) announced today that its Board of Directors (the Board) has approved a Shareholder Rights Plan (Rights Plan), effective November 20, 2012.
The objective of the Rights Plan is to ensure, to the extent possible, the fair treatment of all shareholders in connection with any take-over bid for the securities of the Company, and to provide the Board with sufficient time to evaluate unsolicited take-over bids and to explore and develop alternatives to maximize shareholder value. The Rights Plan is not intended to and will not prevent a take-over of the Company.
The Rights Plan is subject to acceptance for filing by the TSX and will be presented to shareholders for ratification by shareholders at Capital Power’s next annual meeting scheduled for April 26, 2013. The Rights Plan, if ratified by the shareholders, would continue in force until the end of the annual meeting of shareholders in 2016. The Rights Plan will expire at the termination of the April 26, 2013 annual meeting of shareholders if not ratified by the shareholders.
Capital Power is not aware of any specific take-over bid for the Company that has been made or is contemplated. A complete copy of the Rights Plan is available upon request and will be filed by the Company on SEDAR at www.sedar.com.
About Capital Power
Capital Power (TSX:CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns more than 3,400 megawatts of power generation capacity at 15 facilities across North America. An additional 345 megawatts of owned wind generation capacity is under construction or in advanced development in Alberta and Ontario.