Just Energy Announces Update for Closing of Plan of Arrangement
September 23 2020 - 3:29PM
Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE;
NYSE:JE), a retail energy provider specializing in electricity and
natural gas commodities and bringing energy efficient solutions and
renewable energy options to customers, today announced that it
received the approval from the United States’ Federal Energy
Regulatory Commission (the “FERC”) of the Company’s previously
announced plan of arrangement (the “Recapitalization Transaction”).
The Company has obtained all necessary approvals and may now
proceed with the closure of the Recapitalization Transaction. The
Company expects to close the Recapitalization Transaction on or
about September 28, 2020.
About Just Energy Group
Inc.
Just Energy is a consumer company focused on
essential needs, including electricity and natural gas health and
well-being, such as water quality and filtration devices; and
utility conservation, bringing energy efficient solutions and
renewable energy options to consumers. Currently operating in the
United States and Canada, Just Energy serves residential and
commercial customers. Just Energy is the parent company of Amigo
Energy, EdgePower Inc., Filter Group Inc., Hudson Energy,
Interactive Energy Group, Tara Energy, and TerraPass.
Visit https://investors.justenergy.com/ to learn more.
Also, find us on Facebook and follow us
on Twitter.
FORWARD-LOOKING STATEMENTS This
press release may contain forward-looking statements. These
statements are based on current expectations that involve a number
of risks and uncertainties which could cause actual results to
differ from those anticipated. These statements are based on
current expectations that involve several risks and uncertainties
which could cause actual results to differ from those anticipated.
These risks include, but are not limited to, risks with respect to
raising new equity capital and the exchange of debt; the proposed
recapitalization transaction resulting in a financially stronger
Company; reducing the Company’s existing debt and interest expense
(including the amounts thereof); proceedings under the CBCA;
implementing a Plan of Arrangement; issuing new equity; the
allocation of any new equity; addressing certain obligations as
part of a proposed recapitalization transaction; risks associated
with the proposed recapitalization transaction, including the
inability to complete a proposed recapitalization transaction or
complete a proposed recapitalization transaction in a timely or
efficient manner; the inability to reduce the Company’s debt and/or
interest payments, proceedings under the CBCA; issuing and
allocating new equity including the dilution of the Company’s
outstanding common shares; the value of existing equity following
the completion of a recapitalization; the impact of the evolving
COVID-19 pandemic on the Company’s business, operations and sales;
reliance on suppliers; uncertainties relating to the ultimate
spread, severity and duration of COVID-19 and related adverse
effects on the economies and financial markets of countries in
which the Company operates; the ability of the Company to
successfully implement its business continuity plans with respect
to the COVID-19 pandemic; the Company’s ability to access
sufficient capital to provide liquidity to manage its cash flow
requirements; general economic, business and market conditions; the
ability of management to execute its business plan; levels of
customer natural gas and electricity consumption; extreme weather
conditions; rates of customer additions and renewals; customer
credit risk; rates of customer attrition; fluctuations in natural
gas and electricity prices; interest and exchange rates; actions
taken by governmental authorities including energy marketing
regulation; increases in taxes and changes in government
regulations and incentive programs; changes in regulatory regimes;
results of litigation and decisions by regulatory authorities;
competition; the performance of acquired companies and dependence
on certain suppliers. Additional information on these and other
factors that could affect Just Energy’s operations, financial
results or dividend levels are included in Just Energy’s annual
information form and other reports on file with Canadian securities
regulatory authorities which can be accessed through the SEDAR
website at www.sedar.com on the U.S. Securities and Exchange
Commission’s website at www.sec.gov or through Just Energy’s
website at www.justenergygroup.com.
Neither the Toronto Stock Exchange nor the New
York Stock Exchange has approved nor disapproved of the information
contained herein.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Jim BrownChief Financial OfficerJust
Energy713-544-8191jbrown@justenergy.com
or
InvestorsMichael CummingsAlpha
IRPhone: (617) 982-0475 JE@alpha-ir.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group Inc.
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