CALGARY, Dec. 5 /CNW/ - Cheung Kong Infrastructure Holdings Limited
(CKI), today announced that 63,997,506 limited partnership units (Units) of
TransAlta Power, L.P. (TransAlta Power) (TSX: TPW.UN), representing
approximately 85.1% of the outstanding Units, have been validly deposited and
taken-up under an offer to purchase dated Oct. 29, 2007 (the Offer) made by an
indirect wholly-owned subsidiary of CKI, Stanley Power Inc. (the Offeror). The
Offer expired at 5:00 pm (MST) on Dec. 4, 2007. In addition, an indirect
wholly-owned subsidiary of CKI will be acquiring the general partnership
interest in TransAlta Power currently held by TransAlta Power Ltd., the
general partner of TransAlta Power.
CKI intends to pay for the Units that have been taken up by the Offeror
on Dec. 6, 2007, on the basis of $8.38 in cash per Unit. Holders of Units that
have been taken-up will receive their cash payment through their broker or
other financial intermediary.
Also, on Dec. 6, 2007, the Offeror intends to complete a compulsory
acquisition of the remaining Units that have not been deposited. Under the
compulsory acquisition, Units that have not been deposited will be acquired on
the basis of $8.38 in cash per Unit.
Following the successful acquisition of TransAlta Power by the Offeror,
it is expected that application will be made to de-list TransAlta Power from
the TSX and to terminate TransAlta Power's status as a reporting issuer.
CKI is the largest publicly listed infrastructure company in Hong Kong
with diversified investments in Energy Infrastructure, Transportation
Infrastructure, Water Infrastructure and Infrastructure Related Business.
Operating in Hong Kong, Mainland China, Australia, the United Kingdom, Canada
and the Philippines, it is a leading player in the global infrastructure
About TransAlta Power, L.P.
TransAlta Power, L.P. owns a 49.99% interest in TransAlta Cogeneration,
L.P., which owns interests in five gas-fired cogeneration facilities in
Ontario, Alberta and Saskatchewan and in a coal-fired, mine-mouth facility in
Alberta. These facilities have a total generating capacity of 1,362 MW of
electric power, all of which is sold under long-term contracts to high-quality
counterparties. TransAlta Cogeneration's net ownership is 815 megawatts.
For further information:
For further information: For enquiries, please contact Mrs Wendy Tong
Barnes or Miss Winnie Cheong of CKI at (852) 2122 2150.