Archive

Daily Email

Events

 

 

 

About/Contact

Search

Rob Snyder Increases Holdings In Just Energy To 9.3% Of Common Shares

Has Communicated With Other Significant Stockholders Of Just Energy Regarding Monitoring Of Strategic Review, With A, "View Towards Other Potential Courses Of Action Regarding Their Investment In The Company, Contingent Upon The Outcomes Of The Strategic Review"


October 29, 2019

Email This Story
Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com

Rob Snyder, through the entity "The Robert L. Snyder Trust – 2005 Stream" (hereafter collectively referred to as the "Reporting Persons"), disclosed that the Reporting Persons have increased their holdings of Just Energy Group Inc. to 9.3% of Just Energy's common stock, according to an amended Schedule 13D/A newly filed with the U.S. Securities & Exchange Commission.

As exclusively reported by EnergyChoiceMatters.com, the Reporting Persons had earlier disclosed ownership of 8.3% of the common stock of Just Energy Group Inc.

As previously reported, Just Energy is currently undergoing a strategic review, and plans to dispose of its businesses outside of North America. As also previously reported, the company recently recorded an impairment from operational issues in customer enrolment and non-payment of accounts receivable in the Texas residential market, resulting in an aggregate adjustment of C$58.6 million, and collection issues in the U.K. market, resulting in an aggregate adjustment of C$74.1 million.

See our prior story for more details on the status of the strategic review process

The new Schedule 13D/A, filed by the Reporting Persons on October 29, further amends statements under the "Purpose of Transaction" section of the form.

Specifically, under Item 4 of the Schedule 13D/A entitled "Purpose of Transaction," the Reporting Persons now additionally state, "Although the Reporting Persons had no plans or proposals at the time of the various purchases and do not have any particular plans or proposals at present, the Reporting Persons have conducted extensive informational discussions with other significant stockholders of the Company regarding the Strategic Review, the Accounts Receivables Adjustments and other recent events involving the Company, its leadership and future direction."

New language filed by the Reporting Persons under Item 4 of the Schedule 13D/A entitled "Purpose of Transaction," further states, "The Reporting Persons have communicated with other significant stockholders of the Company their intention to monitor the Strategic Review with a view towards other potential courses of action regarding their investment in the Company, contingent upon the outcomes of the Strategic Review, with particular focus upon its business, direction and appointed and/or elected leadership."

Similar to language in a previously filed Schedule 13D/A, the Reporting Persons again state under Item 4, "Purpose of Transaction," that, "The Reporting Persons intend to review their investment in the Company on a continuing basis and may further engage in communications with and/or express their views to and or/meet with management, the Company’s board of directors, one or more other shareholders, officers of the Company or third parties, including potential acquirers, service providers and financing sources, and/or formulate plans or proposals regarding the Company, its assets or its securities, and may take other steps seeking to bring about changes to increase shareholder value. Such proposals or positions may include one or more plans that relate to the Company’s business, management, capital structure and allocation, corporate governance, board composition and strategic alternatives and direction. During the course of such communications, the Reporting Persons may advocate or oppose one or more courses of action."

Furthermore, the newly amended Schedule 13D/A filed by the Reporting Persons, under Item 6 entitled "Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer," now states that, "The Reporting Persons have communicated with other significant stockholders of the Company their intention to monitor the Strategic Review with a view towards other potential courses of action regarding their investment in the Company, contingent upon the outcomes of the Strategic Review, with particular focus upon its business, direction and appointed and/or elected leadership."

In full, the Reporting Persons, under Item 6 entitled "Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer," state that, "The Reporting Persons have conducted informational discussions with other significant stockholders of the Company regarding the Strategic Review, the Accounts Receivables Adjustments and other recent events involving Company, its leadership and future direction. The Reporting Persons have communicated with other significant stockholders of the Company their intention to monitor the Strategic Review with a view towards other potential courses of action regarding their investment in the Company, contingent upon the outcomes of the Strategic Review, with particular focus upon its business, direction and appointed and/or elected leadership. However, to the best knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any person with respect to any securities of the Company, including but not limited to transfer or voting of any of the Common Stock, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies."

The latest Schedule 13D/A did not disclose the identity of any shareholders with which the Reporting Persons have had discussions.

According to public records, the largest shareholders of Just Energy Group Inc. include Canadian billionaire James Allen Pattison of Vancouver -- often called the "Warren Buffett of Canada" -- and the family of the late Ronald V. Joyce, the founder of the Tim Horton’s restaurant chain. Pattison holds approximately 16% of the company, and the Joyce family holds approximately 12%.

Snyder, one of the best known principals within the deregulated energy retailer sector, was the principal co-founder of Stream Energy and served as its de facto CEO through 2012. Snyder further had been Stream’s controlling equityholder since its inception. As previously reported, Stream Energy was acquired by NRG in July 2019 for a stated purchase price of $300 million.

According to public records, the entity through which Snyder has amassed his Just Energy position -- The Robert L. Snyder Trust - 2005 Stream -- is a Texas grantor trust established in 1997 by his parents with a $1 million bequest. The entity is reportedly the vehicle through which Snyder has managed his investments over the last 20 years, including interests in York International Corp., ShiftSmart, TakeStock Inventory, Intarcia Therapeutics and, most notably, Stream Energy.

Snyder previously practiced mergers & acquisitions law within what was known as the Tender Offers Group at the Manhattan office of Fried, Frank, Harris, Shriver and Jacobson LLP. Snyder also spent a decade as Managing Director of family-controlled private equity firm SnyderCapital Corporation

ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com:
NEW! -- Channel Partner Sales Manager -- Retail Supplier
NEW! -- Sales Channel Partner Manager -- Retail Supplier
NEW! -- Sr. Energy Analyst -- DFW
NEW! -- Channel Manager - Retail Division -- Retail Supplier
NEW! -- Sr. Accountant -- Retail Supplier -- Houston
NEW! -- Senior Counsel -- Retail Supplier -- Houston
NEW! -- Operations/Settlement Analyst
NEW! -- Retail Energy Supply RFP Coordinator
NEW! -- Jr. Gas & Power Scheduler/Trader -- Retail Supplier -- Houston
NEW! -- Marketing Coordinator -- Retail Supplier -- Houston
Corporate Counsel - Retail Supplier
Senior Counsel - Regulatory - Retail Supplier
Sales Representative -- Retail Supplier

Email This Story

HOME

Copyright 2010-19 Energy Choice Matters.  If you wish to share this story, please email or post the website link; unauthorized copying, retransmission, or republication prohibited.

 

Archive

Daily Email

Events

 

 

 

About/Contact

Search