Just Energy Group Inc. announced today that the Globe and Mail article dated August 25, 2019 with respect to Just Energy contained inaccuracies, and Executive Chair, Rebecca MacDonald, would like to clarify.

MacDonald stated, "The reporter did not reach out to me or, to my knowledge, any executive at Just Energy for comment and it is incorrect that I have been seeking a restructuring. I continue to work with the Board and the Special Committee on a robust strategic review process and getting the best outcome for Just Energy’s investors, despite articles such as this that appear to simply benefit short sellers."

MacDonald continued, "I and Just Energy value our strong relationships with key shareholders, the most significant of which has not divested of any common shares. We appreciate their continued support, as we move forward with our strategic review."

The Globe and Mail article, available here, was headlined, "Just Energy founder looks to bail out the struggling energy retailer, faces tough restructuring."

The Globe and Mail article also reported, among other things, that, "Mark Jarvi at CIBC World Markets Inc. said an outright sale of the company is now unlikely."

The Globe and Mail cited a Jarvi report in which Jarvi advised that, "We believe it is prudent to assume downside scenarios that could include a failed sales process, weakened credibility, no yield support (assuming the dividend is gone for good) and financial liquidity pressures."

The Globe and Mail also cites Jarvi's report as observing that any sale may be challenged by U.S. buyers being uninterested in Just Energy's Canadian operations, or natural gas book.

The Globe and Mail also alleged that several large shareholders of Just Energy have told the company they are not willing to provide additional capital

See the Globe and Mail story here

Tags:
Just Energy   Finance   M&A  

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