Just Energy Announces Receipt of Interim Order for Recapitalization and Board Renewal
July 17, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Just Energy Group Inc. (Just Energy or the Company) today announced it has obtained the interim order from the Ontario Superior Court of Justice in connection with the plan of arrangement (the 'Plan of Arrangement') announced on July 8, 2020.
The order, among other things, grants a limited stay of proceedings and establishes the record date for voting of securityholders with respect to the Plan of Arrangement as July 23, 2020.
Just Energy said, "The Plan of Arrangement provides a comprehensive plan to strengthen and de-risk the business, positioning the Company for sustainable growth as an independent industry leader."
• "Business as usual for employees, customers and suppliers enhanced by the relationship with a financially stronger Just Energy – they will not be affected by the Recapitalization," the Company said
"The implementation of the Recapitalization is expected in September 2020, pending court and securityholder approvals required under the Canada Business Corporations Act (CBCA), as well as applicable approvals by the Toronto Stock Exchange and New York Stock Exchange," the Company said
"The Company also intends to file an information circular describing the transaction in detail next week, and expects to seek approval for the proposed Plan of Arrangement at a Special Meeting of Shareholders and meetings of applicable creditor classes (collectively, the 'Meetings') scheduled for August 25, 2020," Just Energy said
"Provided that the Plan of Arrangement is passed by the creditor classes and shareholders at the respective meetings, the Company’s Annual General Meeting will immediately follow the Meetings on August 25, 2020," the Company said