TORONTO, ONTARIO--(Marketwired - Mar 15, 2017) - Just Energy Group Inc. ("Just Energy") (JE.TO)(JE.TO), announced today that it has received TSX approval to renew its current normal course issuer bids ("NCIBs") for (i) its 5.75 % convertible, unsecured subordinated debentures due September 30, 2018 (the "Debentures") (JE-DBB.TO) expiring March 16, 2017; and its common share (the "Shares") (TSX:JE/NYSE:JE) expiring March 16, 2017.
All Debentures and all Common Shares purchased under each of the above referenced renewed NCIBs will be cancelled. The following table indicates the principal amount of the Debentures and number of common shares that were outstanding at close of trading February 28, 2017 and that may be purchased during the year starting March 17, 2017 and ending March 16, 2018.
Under each NCIB, Just Energy may purchase Debentures and common shares representing 10% of the outstanding public float at the close of business February 28, 2017, up to the following limits:
| Outstanding - Close of Trading - | Limit on Purchases | |||
| Total Limit(1) | Daily Limit(2) (3) | |||
| (a) $5.75% $100,000,000 Debentures | $ | 9,999,100 | $ | 53,754 |
| (b) 146,972,639 Common Shares | 9,655,649 | 77,479 | ||
| Notes: | ||
| 1. | Represents 10% of the public float at February 28, 2017. | |
| 2. | The average daily trading volume ("ADTV") for the 5.75% Debentures was $215,016 at February 28, 2017. | |
| 3. | The ADTV for the Common Shares was 309,917 at February 28, 2017. |
In addition to providing shareholder liquidity, Just Energy believes that its common shares trade in a price range which does not adequately reflect the value of such Shares in relation to Just Energy's business and its current annual $0.50 dividend per Share, and accordingly, Just Energy's future business prospects. As a result, depending upon future price movements and other factors, Just Energy believes that Just Energy's Shares represent an attractive investment. In addition to providing debenture holder liquidity, Just Energy believes that the Debentures may trade in a price range which does not adequately reflect the value of such debentures in relation to Just Energy's business, and accordingly Just Energy's future business prospects. As a result, depending upon future price movements and other factors, Just Energy believes that Just Energy's debentures represent an attractive investment and will enable Just Energy to continue to deleverage its balance sheet.
Just Energy intends to commence each of the NCIBs on March 17, 2017. Each of the NCIBs will expire on March 16, 2018 or such earlier date as Just Energy completes its purchases pursuant to each NCIB. All purchases made under each NCIB will be made through the facilities of the TSX, the New York Stock Exchange (only in respect of the Common Shares) or alternative trading systems, if eligible, in accordance with the rules of the TSX and applicable securities laws, at market prices prevailing at the time of purchase (plus brokerage fees). The actual amount of Debentures and Common Shares that may be purchased under each NCIB is subject to, and cannot exceed the limits referred to above. The timing of such purchases will be determined by Just Energy.