Howard Jonas, Chairman of Genie, added, “Our Preferred Stock is a very different security than our Class B Common Stock. It provides holders with a healthy dividend yield that is supported by our strong balance sheet and operations, particularly our retail energy provider business. We believe that our Preferred Stock, with a robust trading market on the NYSE, can serve as a potential financing vehicle, and can also be used as currency in exploiting various opportunities. First and foremost, we must be fair to our current stockholders and allow them the opportunity to choose the type of security they wish to hold. Regardless of whether you are a common or preferred holder, you will benefit from the synergies of our two operating segments and the excellent management and scientific teams at Genie.”
The exchange offer will commence when the definitive materials (including an Offer to Exchange and Letter of Transmittal) are filed with the Securities and Exchange Commission and made available to Genie’s stockholders and will remain open for at least twenty business days. When the offer begins, Genie will file with the Securities and Exchange Commission and mail the exchange offer documents to stockholders together with the full details of the offer including complete instructions on the exchange process procedure, the transmittal forms and other data.
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) is comprised of IDT Energy and Genie Oil and Gas (GOGAS). IDT Energy is a retail energy provider (REP) supplying electricity and natural gas to residential and small business customers in the Northeastern United States. GOGAS is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shale and other unconventional fuel resources. GOGAS resource development projects include oil shale initiatives in Colorado and Israel. For more information, visit