TransAlta Corporation Announces Conversion Results for Series A and B Preferred Shares

Rhea-AI Summary

TransAlta (NYSE: TAC) announced preferred share conversion results as of March 31, 2026. No Series A (9,629,913 outstanding) converted into Series B; 1,148,549 Series B of 2,370,087 converted into Series A on a one-for-one basis. Post-conversion counts: 10,778,462 Series A and 1,221,538 Series B outstanding. The Series A and Series B shares trade on the Toronto Stock Exchange as TA.PR.D and TA.PR.E, respectively.

Positive

• Series A outstanding increases to 10,778,462 shares
• Series B outstanding decreases to 1,221,538 shares
• 1,148,549 Series B converted one-for-one into Series A

Negative

• None.

Key Figures

Series A outstanding pre: 9,629,913 shares Series B outstanding pre: 2,370,087 shares Series B to convert: 1,148,549 shares +2 more

5 metrics

Series A outstanding pre 9,629,913 shares Currently outstanding Series A preferred shares before conversion

Series B outstanding pre 2,370,087 shares Currently outstanding Series B preferred shares before conversion

Series B to convert 1,148,549 shares Series B shares converting into Series A on March 31, 2026

Series A post-conversion 10,778,462 shares Series A shares issued and outstanding after conversion

Series B post-conversion 1,221,538 shares Series B shares issued and outstanding after conversion

Market Reality Check

Price: $12.55 Vol: Volume 1,232,045 is below...

normal vol

$12.55 Last Close

Volume Volume 1,232,045 is below 20-day average 1,523,832 (about 0.81x average activity). normal

Technical Trading below 200-day MA of 13.12 with current price at 12.55, about 29.79% under the 52-week high.

Peers on Argus

Utilities peers show mixed, stock-specific action. Only TLN appeared on the mome...

1 Up

Utilities peers show mixed, stock-specific action. Only TLN appeared on the momentum scanner, moving up with no same-direction cluster and no related news flagged, suggesting today’s dynamics in TAC are not part of a broad sector rotation.

Historical Context

5 past events · Latest: Mar 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	Pref share terms	Neutral	-3.9%	Set dividend rates and conversion rights for Series A and B preferreds.
Feb 27	Investor Day plan	Positive	+5.5%	Announced Investor Day to outline strategy, long-term plan and outlook.
Feb 27	Data centre MOU	Positive	+5.5%	MOU for Keephills data centre with initial 230 MW PPA and 1 GW potential.
Feb 27	Earnings & dividend	Positive	+5.5%	Reported 2025 results, raised dividend and provided 2026 EBITDA and FCF outlook.
Jan 27	Earnings call notice	Neutral	+0.9%	Announced timing and access details for Q4 and full-year 2025 results call.

Pattern Detected

Recent news with clear strategic or financial content has often seen positive price alignment, while more administrative or structural updates saw smaller, mixed reactions.

Recent Company History

Over recent months, TransAlta has combined strategic growth steps with balance-sheet and capital-structure moves. On Feb 27, 2026, earnings, an 8% dividend increase, and the Keephills data-centre MOU coincided with a +5.45% move. The same day’s Investor Day announcement and data-centre MOU also matched that gain. By contrast, the March preferred share dividend and conversion notice on Mar 2 saw a -3.91% reaction. Today’s preferred share conversion results update continues that capital-structure theme rather than adding new strategic initiatives.

Market Pulse Summary

This announcement details the final conversion outcome between TransAlta’s Series A and Series B pre...

Analysis

This announcement details the final conversion outcome between TransAlta’s Series A and Series B preferred shares, with 10,778,462 Series A and 1,221,538 Series B outstanding after March 31, 2026. It follows earlier notices setting dividend rates and conversion options. In context of recent earnings, dividend increases and growth plans like the Keephills data-centre MOU, this update mainly affects preferred shareholders’ income profile rather than introducing new strategic information for common equity holders.

Key Terms

cumulative redeemable rate reset first preferred shares, cumulative redeemable floating rate first preferred shares

2 terms

cumulative redeemable rate reset first preferred shares financial

"none of its 9,629,913 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A"

A cumulative redeemable rate reset first preferred share is a type of preferred stock that pays regular dividends which accumulate if missed, can be called (bought back) by the issuer, and has a dividend rate that resets periodically based on a market benchmark. Think of it like an adjustable-rate bond with senior claim on dividends: it can provide higher income when rates rise but carries call risk and sensitivity to the issuer’s credit, so investors weigh yield against potential redemption and price volatility.

cumulative redeemable floating rate first preferred shares financial

"into Cumulative Redeemable Floating Rate First Preferred Shares, Series B"

A class of preferred stock that pays regular, adjustable cash payments whose rate moves with market interest rates, has priority over common shares for payments, and accumulates unpaid payments until the issuer makes them; the issuer also has the right to redeem (buy back) the shares under specified terms. Think of it as a hybrid between a bond and stock: it can provide higher-priority, interest-like income that adjusts with rates, but the issuer’s ability to call the shares and the stock-like ownership risks make the return and holding period less certain for investors.

AI-generated analysis. Not financial advice.

CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Further to TransAlta Corporation's (TransAlta or the Company) (TSX: TA) (NYSE: TAC) press release dated March 2, 2026, the Company announced today that none of its 9,629,913 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A (Series A Shares) will be converted on March 31, 2026, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preferred Shares, Series B (Series B Shares), and (ii) 1,148,549 of its 2,370,087 currently outstanding Series B Shares will be converted on March 31, 2026, on a one-for-one basis, into Series A Shares. As a result, on March 31, 2026, the Company will have 10,778,462 Series A Shares issued and outstanding and 1,221,538 Series B Shares issued and outstanding.

The Series A Shares and Series B Shares are currently listed on the Toronto Stock Exchange under the symbols TA.PR.D and TA.PR.E, respectively.

About TransAlta Corporation:

TransAlta is one of Canada’s largest publicly traded power generators, delivering reliable electricity across Canada, the United States and Western Australia. For more than 100 years, our people have safely operated and evolved essential energy infrastructure that powers customers and communities. Our technology-diverse portfolio and disciplined execution allow us to deliver dependable power across evolving energy systems. We take a practical, responsible approach to meeting today’s energy needs while building for what comes next.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “may”, “will”, “should”, “estimate”, “intend” or other similar words). Specifically, this news release contains forward-looking information with respect to the Company and the conversion of the Series A Shares and the Series B Shares. All forward-looking information reflects the Company’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release. TransAlta undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from those in the forward-looking information, refer to the Company’s most recent Annual Report and Management’s Discussion and Analysis and the Prospectus Supplement dated Dec. 3, 2010, in each case filed under the Company’s profile on SEDAR at www.sedarplus.com.

For more information:

Investor Inquiries:	Media Inquiries:
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

FAQ

What conversions did TransAlta (TAC) announce for March 31, 2026?

No Series A shares converted into Series B; 1,148,549 Series B converted into Series A one-for-one. According to the company, conversions were executed on a one-for-one basis effective March 31, 2026, changing the issued counts for each series.

How many Series A and Series B shares will be outstanding after the March 31, 2026 conversions for TAC?

After conversion, TransAlta will have 10,778,462 Series A and 1,221,538 Series B outstanding. According to the company, those figures reflect the one-for-one exchanges completed on March 31, 2026.

Which TSX symbols represent TransAlta's Series A and Series B preferred shares (TAC)?

Series A preferred shares trade as TA.PR.D and Series B trade as TA.PR.E on the Toronto Stock Exchange. According to the company, both series remain listed under those TSX symbols following the March 31, 2026 conversions.

Did any Series A preferred shares convert into Series B on March 31, 2026 for TAC?

No, none of the 9,629,913 Series A shares converted into Series B on March 31, 2026. According to the company, all conversions that occurred were Series B into Series A on a one-for-one basis.

Does the March 31, 2026 conversion notice for TransAlta (TAC) state any change to dividend terms?

The notice does not state any change to dividend terms as part of the conversions. According to the company, the announcement reports share-count conversions only and does not disclose alterations to dividend rates or payment schedules.