 Bloomberg -- Just Energy Group Inc. plunged Wednesday after concluding a strategic review along with a share consolidation plan.The company launched a formal review last summer following expressions of interest from a number of parties. Just Energy plans to remain independent, according to a statement Wednesday morning.Shares of the energy utility sank as much as 29 intraday in Toronto, the most since March 20. Canadian billionaire Jim Pattisons Great Pacific Capital Corp. owns about 16 of the company, according to data compiled by Bloomberg. Pattison reported his stake in 2015.Additionally, Just Energy announced a recapitalization plan, including C100 million in new equity commitment, and debt reduction by about C275 million.This comprehensive plan to strengthen and de-risk our business will result in a much stronger Just Energy, creating a sustainable capital structure, CEO Scott Gahn said.BMO Capital Markets provided a fairness opinion for the companys recap plan, which is expected to be implemented in September.We believe the proposed reorganization plan is a positive development as it keeps the company solvent, Nelson Ng, an analyst at RBC, told clients in a note.The share consolidation leaves RBC skeptical. However, the 1-for-33 share consolidation and the New Equity Subscription Opportunity that gives stakeholders the right to purchase new shares at C3.412share implies a current price of C0.10share, Ng said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 