RE:Just Energy Group Provides Update on CCAA Process BayStreetRoller wrote: News release today from Just Energy - in true Just Energy fashion - the company wants to continue to hide and not have to take tough questions from shareholders/investors:
"Due to the ongoing CCAA process, the Company also announced that the Court approved the postponement of its annual meeting of shareholders until further notice."
This is a pattern of deceitfulness from senior management. Continue to duck and not provide full visibility to stakeholders/shareholders as they continue to collect fat bonuses/salaries. Hard to make informed decisions when a publically traded company play's these kind of tactics.
Instead of Bashing, put all the News Release. The good thing, JE will be able to be trade on TSX-V in June. As of now, JE are paying their bills and they are showing they can continue the business as usual. GLTA Gaillard.
Here is the News Release:
ORIGINAL: Just Energy Group Provides Update on CCAA Process and Listing of its Shares on the TSX-V
2021-05-26 09:24 ET - News Release
Stay Period Under CCAA Extended to September 30, 2021
Conditional Approval Received to List the Common Shares on the TSX Venture Exchange
Trading on TSX Venture Exchange Expected to Commence in Early June
TORONTO, May 26, 2021 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (OTC: JENGQ), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, announced today that the Ontario Superior Court of Justice (Commercial List) (the “Court”) has, among other things, extended the stay period under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) to September 30, 2021.
The Company is using the extended stay period to focus on growing the business and to continue engaging with key stakeholders, with a view of implementing a value maximizing emergence plan. In addition, the Company continues to explore and develop options regarding invoices received from the Energy Reliability Council of Texas (“ERCOT”) related to the Texas extreme weather event in February (the “Weather Event”), including potential legislation, the dispute resolution process initiated by the Company with ERCOT and potential litigation challenges. The total financial impact of the Weather Event to the Company may change due to the enactment of legislation, the outcome of the dispute resolution process and successful litigation challenges.
The Company has also been advised by the lenders under the US $125 million debtor-in-possession loan (the “DIP Lenders”) comprised of OC II VS XIV LP (“OC II”), a Delaware limited partnership, and certain other funds under common management with OC II (collectively, the “Funds”), that OC II has filed an amended early warning report pursuant to Canadian securities laws to provide updated disclosure relating to the Funds’ plans with respect to their current investment in Just Energy and potential participation in the Company’s restructuring, which is available at www.sedar.com under Just Energy’s issuer profile.
In addition, Just Energy previously announced plans to apply to the TSX Venture Exchange (the "TSX-V") to transition the trading of its common shares from the Toronto Stock Exchange to the TSX-V. The Company has received conditional approval to list its common shares on the TSX-V and trading is expected to commence in early June.
“Just Energy remains focused on its commitment to our customers and driving innovation across our business, while continuing to advance its restructuring plans,” said Scott Gahn, Just Energy’s President and Chief Executive Officer. Mr. Gahn added, “We believe there are considerable opportunities to grow our business in our key markets."
Due to the ongoing CCAA process, the Company also announced that the Court approved the postponement of its annual meeting of shareholders until further notice.
Just Energy will provide additional updates as developments warrant. Further information regarding the CCAA proceedings is available at the Monitor’s website at https://cfcanada.fticonsulting.com/justenergy. Information regarding the CCAA proceedings can also be obtained by calling the Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by email at justenergy@fticonsulting.com.