TransAlta shareholder seeks to add one of its own to company's board of directors

By Lisa Kerner

Charlotte, N.C., Feb. 19 - TransAlta Corp. largest shareholder, Luminus Management, LLC and LS Power (collectively Luminus Group) nominated four individuals for election to the company's board at TransAlta's 2008 annual meeting on April 22.

The nominees are:

• William Rockford, private investor formerly with Chase Securities;

• Richard Smith, retired president of Fossil Power at Bechtel;

• Theodore Babcock, former chief financial officer and treasurer of power and utility companies including TNP Enterprises, Keyspan and the Long Island Lighting Co.; and

• Jonathan Barrett, managing director of Luminus Management.

Luminus wants to add individuals with "industry specific experience and fresh perspective" to the unregulated power company's board, Luminus president Paul Segal said in a schedule 13D filing with the Securities and Exchange Commission.

"Collectively the new board of TransAlta will be properly equipped to guide the company forward, ensuring that it effectively exploits future value creation opportunities and as importantly, avoids making significant mistakes that would impair or destroy shareholder value," Segal added.

Luminus has an 8% ownership interest in the Calgary, Alta., electric energy company.

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