announcement of the Strategic Review and conveyed their view that such indeterminate state of affairs is not helpful to the Companys business, management or stockholders. Moreover, the
Reporting Persons observed that delays in the conclusion of the Strategic Review have only served to further impair Company stockholders ability to evaluate certain key considerations relating to the Companys organizational independence
(including the composition of its Board of Directors and senior management, key areas of ongoing business focus, capital priorities, etc.). Further and among other statements, the Reporting Persons communicated its view and has asked other
major stockholders of the Company to independently communicate their respective views to the Companys management, advisors and/or Board members that the Strategic Review process should be concluded as soon as reasonably possible.
Based on the Reporting Persons assessments and conversations with other shareholders and management, the Reporting Persons delivered to the
Company a letter on February 28, 2020 containing certain shareholder proposals including: (i) recommending an increase in the number of directors of the Just Energy Board from six to eight directors and (ii) nominating six individuals
as candidates for election to the Just Energy Board at its 2020 annual meeting. On March 17, 2020 and after unfruitful dialogue with the Companys principals, the Reporting Persons delivered a letter to the Company requesting the Board of
Directors call a special meeting to discuss these shareholder proposals.
Following upon this recent letter to the Company, the Reporting
Persons will continue to assess the Companys Strategic Review, business, financial condition, results of operations and prospects, general economic conditions, the securities markets in general and the Common Stock in particular, other
developments, other investment opportunities, and its current strategies to enhance and maximize shareholder value.
Depending on such
assessments and further discussions with the Company and other shareholders, the Reporting Persons may decide to acquire additional Common Stock or may determine to sell or otherwise dispose of some or all of the Common Stock presently held the by
Reporting Persons in the open market or in private transactions. Such actions will depend on a variety of factors, including, without limitation, current and anticipated future trading prices for the Common Stock, the financial condition, results of
operations and prospects of the Company, alternative investment opportunities, general economic, financial market and industry conditions and other factors that the Reporting Persons may deem material to these investment decisions. The Reporting
Persons reserve the right to change their intention with respect to any or all of the matters required to be disclosed in this Item 4.
Although the Reporting Persons had no plans or proposals at the time of the various purchases, the Reporting Persons have conducted, and
expect to continue to have, extensive informational discussions with other significant stockholders of the Company regarding the Strategic Review, the Accounts Receivables Adjustments and other recent events involving the Company, its leadership and
future direction. The Reporting Persons have communicated, and expect to continue to communicate, with other significant stockholders of the Company their intention to monitor the Strategic Review with a view towards other potential courses of
action regarding their investment in the Company, contingent upon the outcomes of the Strategic Review, with particular focus upon its business, direction and appointed and/or elected leadership.
The Reporting Persons will continue to review their investment in the Company on a continuing basis and expect to further engage in
communications with and/or express their views to and or/meet with management, the Companys board of directors, one or more other shareholders, officers of the Company or third parties, including potential acquirers, service providers and
financing sources, and/or formulate additional plans or proposals regarding the Company, its assets or its securities, and may take other steps seeking to bring about changes to increase shareholder value. Such additional proposals or positions may
include one or more plans that relate to the Companys business, management, capital structure and allocation, corporate governance, board composition and strategic alternatives and direction. During the course of such communications, the
Reporting Persons may advocate or oppose one or more courses of action.
Item 5. Interest in Securities of the Issuer
(a) The Snyder Trust may be deemed to beneficially own 13,972,501 shares of Common Stock, representing
approximately 9.3% of the outstanding shares of Common Stock. Mr. Snyder, as sole trustee of The Snyder Trust, may be deemed to beneficially own in the aggregate 13,972,501 shares of Common Stock, representing approximately 9.3% of the
outstanding shares of Common Stock. These percentages are based on the 149,595,952 shares of Common Stock issued and outstanding on March 31, 2019, as reported in the Companys Amendment No. 3 to Form
40-F, filed on August 20, 2019.
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