TORONTO, ONTARIO -- (Marketwired) -- 04/29/13 -- Just Energy Group Inc. ("Just Energy") (TSX: JE)(NYSE: JE) announced today that effective May 1, 2013 it has replaced its Dividend Reinvestment and Share Purchase Plan (the "Predecessor Plan") with a new Plan called the Dividend Reinvestment and Optional Share Purchase Plan (the "New DRIP Plan"). In principle the New DRIP Plan is the same as the Predecessor Plan except shareholders resident in the United Sates may now participate. Shareholders currently enrolled as Plan Participants need not take any action. They will automatically continue to be enrolled under the New DRIP Plan.
Shareholders holding a minimum of 100 Just Energy common shares ("Shares") may acquire additional Shares of Just Energy in the New DRIP Plan as follows:
a. Through the reinvestment of regular monthly dividends on Shares currently @ $0.84 per year payable as to $0.07 per month per Share on all or any part of their Shares; orb. Once enrolled in the NEW DRIP Plan, through optional cash payments of up to $10,000 per month per Plan Participant (subject to a minimum of $500 per month) and a maximum per Plan Participant of $100,000 per year ($40,000 per year in the case of plan participants residing in the United States).
Shareholders not already enrolled in the Predecessor Plan must contact the broker who is a CDS or DTC participant to enroll. Once enrolled, participation in the Plan will continue automatically unless terminated.
Shares will, at the direction and discretion of Just Energy, either be (i) issued directly from the treasury of Just Energy based on the election of Just Energy in which later case the price of the Plan Shares is based on the simple average closing price for shares on the 5 trading days preceding the applicable dividend payment date less a discount of 2%; or (ii) be purchased by Computershare Trust Company of Canada (the Plan Agent) through the facilities of the Toronto Stock Exchange (the "TSX"), in which case the price of the Plan Shares will be based on the average price for which all the Plan Shares in respect of a given dividend payment date were acquired. The 2% discount does not apply to Shares purchased on the TSX or issued pursuant to Optional Cash Payments. It is Just Energy's present intention that all Shares acquired using dividends and pursuant to Optional Cash Payments will be issued from treasury.
As with the Predecessor Plan, Just Energy may terminate, suspend, modify or amend the New DRIP Plan on 30 days written notice to CDS, DTC and Plan Participants. All modifications and amendments must receive the prior approval of the TSX.
All commissions and administrative costs associated with the operation of the New DRIP Plan will, as with the Predecessor Plan, be paid by Just Energy.
"Just Energy is pleased to extend its dividend reinvestment plan to United States resident shareholders, enabling them to reinvest their monthly cash dividends into additional common shares in an efficient and cost effective manner without incurring any commissions, service charges or brokerage fees," said Ken Hartwick, Chief Executive Officer.