SCHEDULE: Millennium Entities Update TransAlta Ownership Stake

Millennium Management LLC and affiliates filed an amended Schedule 13G, detailing their passive beneficial ownership in TransAlta Corporation as of September 30, 2025.

Summary

• Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander collectively reported beneficial ownership of 13,115,689 common shares of TransAlta Corporation, representing 4.4% of the class.
• Integrated Core Strategies (Asia) Pte. Ltd., an affiliated entity, reported beneficial ownership of 11,672,205 common shares, representing 3.9% of the class.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating an update to previously reported ownership.
• The reporting persons explicitly state that the securities were not acquired or held for the purpose of changing or influencing control of TransAlta Corporation.

Sentiment

Score: 5

Explanation: A Schedule 13G filing reporting passive ownership is generally neutral. It indicates continued institutional interest but provides no new operational or financial performance data about the issuer.

Positives

• The continued presence of sophisticated institutional investors like Millennium Management LLC and its affiliates as significant shareholders indicates ongoing market interest in TransAlta Corporation.

Negatives

• No specific negative aspects are directly discernible from this passive ownership filing.

Risks

• The filing itself does not detail risks related to TransAlta Corporation's operations or financial health. It explicitly states the reporting persons' intent is not to influence control, which mitigates the risk of an activist campaign from these specific entities.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding TransAlta Corporation's future performance or outlook.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing is a routine disclosure of beneficial ownership by institutional investors and does not provide information related to broader industry trends or competitive landscape for TransAlta Corporation.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, confirming a passive investment approach by these entities.
• Management: Indicates continued institutional investor interest in the company's shares.

Next Steps

• The reporting persons will continue to monitor their investment in TransAlta Corporation.
• Further Schedule 13G amendments would be filed if there are significant changes in their beneficial ownership or investment intent.

Key Dates

Keywords

TransAlta Corporation, Millennium Management, Integrated Core Strategies, Schedule 13G, Beneficial Ownership, Institutional Investment, Common Shares, Passive Investment