Just Energy Group Inc. Announces Delay in Filing Financial Statements and Application for Management Cease Trade Order
16 Fevereiro 2021 - 09:21AM
Just Energy Group Inc. (TSX:JE; NYSE:JE) (“
Just
Energy” or the “
Company”), a retail
energy provider specializing in electricity and natural gas
commodities, renewable energy options and carbon offsets, announced
today that it will miss its filing deadline of February 16, 2021 to
file its unaudited interim condensed consolidated financial
statements for the three and nine months ended December 31, 2020
(the “
Interim Financial Statements”), its
management discussion and analysis on the Interim Financial
Statements, and the CEO and CFO certificates in respect of the
Interim Financial Statements (collectively, the “
Reporting
Documents”) as required by applicable Canadian securities
laws.
The extreme cold temperatures throughout the
State of Texas commencing on or about February 13, 2021, continuing
through the past few days and forecast to continue throughout the
upcoming week, have caused increases in power demand and rolling
blackouts (the “Weather Event”). The increased
demand and rolling blackouts resulting from the Weather Event has
caused the Company to have to balance power supply at very high
clearing prices through the Electric Reliability Council of Texas
(ERCOT), the independent system operator which manages the flow of
electric power to most of the State. The impact of the Weather
Event may result in a positive or negative financial impact to the
Company, which could be substantial. Management is currently
assessing the impact of the Weather Event on the Company, and
cannot finalize the Reporting Documents until its review and
understanding of the Weather Event and its impact on the Company’s
financial condition can be reasonably estimated. As a result of the
foregoing, the Company will not be able to file the Reporting
Documents on or before the deadline for such filings of February
16, 2021. In addition, due to the uncertainty, the Company is
withdrawing its previously provided guidance for Base EBITDA and
unlevered free cash flow for Fiscal 2021 because the Weather Event
may result in a positive or negative financial impact to the
Company.
The Company has filed an application with the
Ontario Securities Commission, its principal regulator, for a
management cease trade order, in accordance with National Policy
12-203 - Management Cease Trade Orders (“NP
12-203”). If approved, this application would give the
Company extra time of up to one month after February 16, 2021 to
file the Reporting Documents. There can be no certainty that a
management cease trade order will be granted. The applicable
regulatory authorities may instead determine to issue a full cease
trade order against the Company. The Company intends to file the
Reporting Documents on or about February 22, 2021 following the
anticipated completion of the Weather Event.
The Company has established a blackout on
trading of the Company’s securities by directors and officers, and
intends to continue the blackout until such time as the Reporting
Documents have been filed.
The Company confirms that it intends to satisfy
the provisions of the alternative information guidelines found in
Section 9 and 10 of NP 12-203 for so long as it is delayed in
filing the Reporting Documents.
ABOUT JUST ENERGY
Just Energy is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass. Visit https://investors.justenergy.com/ to learn
more.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements, including with respect to the duration and financial
impact of the Weather Event and the timing by which the Company
will file the Reporting Documents. These statements are based on
current expectations that involve several risks and uncertainties
which could cause actual results to differ from those anticipated.
These risks include, but are not limited to, risks with respect to
the impact of the Weather Event in the State of Texas commencing on
or about February 13, 2021; the impact of the evolving COVID-19
pandemic on the Company’s business, operations and sales; reliance
on suppliers; uncertainties relating to the ultimate spread,
severity and duration of COVID-19 and related adverse effects on
the economies and financial markets of countries in which the
Company operates; the ability of the Company to successfully
implement its business continuity plans with respect to the
COVID-19 pandemic; the Company’s ability to access sufficient
capital to provide liquidity to manage its cash flow requirements;
general economic, business and market conditions; the ability of
management to execute its business plan; levels of customer natural
gas and electricity consumption; extreme weather conditions; rates
of customer additions and renewals; customer credit risk; rates of
customer attrition; fluctuations in natural gas and electricity
prices; interest and exchange rates; actions taken by governmental
authorities including energy marketing regulation; increases in
taxes and changes in government regulations and incentive programs;
changes in regulatory regimes; results of litigation and decisions
by regulatory authorities; competition; dependence on certain
suppliers. Additional information on these and other factors that
could affect Just Energy’s operations or financial results are
included in Just Energy’s annual information form and other reports
on file with Canadian securities regulatory authorities which can
be accessed through the SEDAR website at www.sedar.com on the
U.S. Securities and Exchange Commission’s website at
www.sec.gov or through Just Energy’s website at
www.justenergygroup.com.
Neither the Toronto Stock Exchange nor the New
York Stock Exchange has approved nor disapproved of the information
contained herein.
FOR FURTHER INFORMATION PLEASE
CONTACT: Michael
CarterChief Financial OfficerJust
Energymcarter@justenergy.com
or
InvestorsMichael CummingsAlpha
IRPhone: (617) 982-0475 JE@alpha-ir.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group Inc
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