Algonquin Power & Utilities Enters Into Cooperation Agreement With Starboard; Adds Brett Carter And Christopher Lopez To Board

Masheed Saidi had advised the Board that she does not intend to stand for reelection. In addition, Kenneth Moore, the Chair of the Board, has informed the Board of his intention to retire effective as of the Annual Meeting and he will therefore not stand for reelection. As a result, following the Annual Meeting, Algonquin's Board will continue to be comprised of nine directors. 

Starboard Value LP, which own approximately 9.0% of Algonquin's outstanding common shares, has withdrawn its previously-announced director nominations for election and agreed to support the Company's nominees for election at the Annual Meeting.

Starboard and the Company have also entered into a non-disclosure agreement for purposes of sharing information and having discussions relating to the pursuit of a sale of the Company's renewable energy business and the Company's CEO search.