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Just Energy Group Inc
Symbol C : JE
Shares Issued 150,940,240
Close 2019-08-26 C$ 1.63
Recent Sedar Documents

Globe says Just Energy takeover seen as unlikely

2019-08-26 09:32 ET - In the News

The Globe and Mail reports in its Monday edition that unnamed sources say Just Energy's two biggest shareholders, the estates of billionaire Jim Pattison and the late Ron Joyce, founder of Tim Hortons, have told the firm's bankers that they will not commit additional money. The Globe's Andrew Willis writes that Just Energy closed Friday at $1.52, down from a $5.78 high in December. Analysts have stopped talking about takeovers at Just Energy and started publishing downbeat reviews of the company's prospects. CIBC analyst Mark Jarvi said an outright sale of the company is now unlikely. In a report, he said, "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." Investment dealers Guggenheim Partners and National Bank Financial are running a strategic review. Lenders such as the Desmarais family's Sagard Holdings, are also unlikely to commit additional capital. Rather than a full-scale takeover, or cash infusion, Mr. Willis says Just Energy is expected to slowly sell off portions of its customer base, including its U.K. division, to pay down debt.

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