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View Monty Spivak's Comments
Atlantic Power: A Tale Of Misinformation
Unfortunately, I am long AT. I had also believed management's statements that they would protect the dividend; AT has historically managed to a high payout ratio, so I complacently sat back to collect dividends.
I can help respond to a few comments from those who have a litigious orientation. The governance of securities on the Toronto Stock Exchange falls under the Ontario Securities Commission (OSC). Unlike the US and many other jurisdictions, security regulation in Canada is a provincial mandate (the equivalent of each US state regulating their constituent securities). Therefore, Atlantic Power (note that it trades under TSX:ATP, and not AT) is regulated by Ontario.
If you choose to appeal to the Canadian regulator, you must contact the OSC. That said, there have been a few news items which propose that the OSC has very-weak enforcement relative to the SEC. This is not to discourage you - here is a link to contact the OSC - complete with complaint forms, telephone numbers, etc..
I am personally not inclined to seek legal recourse, but suggest that American shareholders would find a more supportive environment in the American legal system or through the SEC.
Mar 4, 2013. 07:59 PM
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