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Just Energy Announces Securityholder Approval Of Recapitalization Plan, Reconstituted Board of Directors
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Just Energy Group Inc. ("Just Energy" or the "Company") today announced the approval of its recapitalization plan (the "Recapitalization") at special meetings of securityholders held earlier today.
"The Recapitalization is part of a comprehensive plan to strengthen and de-risk the business and position Just Energy for sustainable growth as an independent industry leader. The Recapitalization significantly improves Just Energy’s financial flexibility with an equity injection of over $100 million and reduces net debt and preferred shares by approximately $520 million," the company said
See background on the Recapitalization plan here:
• Original Plan
• Amended Plan
As part of the approved Recapitalization, stakeholders voted for a reconstituted Board of Directors for Just Energy, with seven directors, including five new directors. The reconstituted Board will assume their responsibilities upon the implementation of the Recapitalization. The implementation of the Recapitalization is expected in September 2020, pending all approvals, including court and regulatory, Just Energy said
As previously reported, the seven Board members which had been proposed by management under the Recapitalization plan are as follows:
• Marcie Zlotnik (new)
• Steven Murray (new)
• James Bell (new)
• Anthony Horton (new)
• Stephen Schaefer (new)
• R. Scott Gahn (incumbent)
• Dallas Ross (incumbent)
The securityholders voted in favour of the Recapitalization as follows:
Scott Gahn, Just Energy’s President and Chief Executive Officer, said, "The strong support we received from all security classes is a clear indication of their alignment with our future direction, including a stronger financial position and improved liquidity. Our focus now firmly remains on improving our operations, growing our business, and continuing to provide high quality services to our customers."
At Just Energy’s Annual General Meeting, also held earlier today, shareholders approved the voting matters as follows:
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August 27, 2020
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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Security Class Percentage FOR
Senior Unsecured Debtholders 99.35%
Convertible Debentureholders 87.66%
Shareholders 94.92%
Voting Matter Percentage FOR
Appointment of Auditors 96.64%
Say on Pay Advisory Vote 95.64%
Management Incentive Plan 84.93%
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