Just Energy Announces Management Slate of Directors to be Appointed in Connection with the Recapitalization Transaction, and the Retirement of Rebecca MacDonald

TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, today announced a slate of seven director candidates, of which five are new directors, who will be appointed to the board of directors (the “Board”) upon completion of the previously announced recapitalization transaction. A special and annual meeting of Just Energy’s securityholders (the “Special and Annual Meeting”) is expected to be held to consider the recapitalization transaction on August 25, 2020.

Just Energy announced on July 8, 2020 that it is undertaking a comprehensive plan to strengthen and de-risk the business, including a renewed Board to provide robust oversight and governance on behalf of stakeholders as well as a recapitalization transaction under the Canada Business Corporations Act (“CBCA”) that will significantly improve the Company’s financial flexibility and liquidity.

The Company has applied for an interim order from the Ontario Superior Court of Justice for the recapitalization transaction, which will be effected through a plan of arrangement under the CBCA.  The interim order hearing is scheduled for the morning of July 17, 2020.

The seven candidates include five new candidates and two incumbents. They possess a wide spectrum of skills and expertise, including deep knowledge of the energy industry. They are: 

• James Bell (new)
• Anthony Horton (new)
• Steven Murray (new)
• Stephen Schaefer (new)
• Marcie Zlotnik (new)
• R. Scott Gahn (incumbent)
• Dallas Ross (incumbent)

Five of the seven candidates are independent of the Company. The exceptions are Mr. Gahn, the president and chief executive officer of Just Energy, and Mr. Horton, who has acted as a consultant to the Company since November 2019. Full biographies of all the candidates can be found below.
  
In conjunction with the planned reconstitution of the Board, the Company announced that Rebecca MacDonald, the Company’s founder, will be retiring and stepping down from the Board, effective today. At the same time, her employment contract as Executive Chair will be terminated by mutual agreement.

“On behalf of the Board, I would like to thank Ms. MacDonald for her many years of service and contributions to Just Energy,” said William Weld, Just Energy’s Lead Director, who will assume the role of Chair on an interim basis until the Special and Annual Meeting.