Capricorn resignations a blow to New Med merger plans
The disputed deal is playing out in public, as Capricorn’s board and activist shareholder Palliser both issue statements and rebuttals
The proposed merger of London-listed Capricorn Energy and Israel’s Newmed may have been scuppered by shareholder opposition. Five of the Capricorn board’s nine members resigned in late January, including the chairman and CEO. Another two board members, including the CFO, have committed to resign before 1 February. That is when shareholders will meet—as requested by shareholder and London-based fund Palliser Capital—to approve replacement board members, instead of voting on the merger deal, as was previously scheduled. The merger vote itself has now been pushed back to 22 February, which Capricorn says will allow “a reconstituted board to assess the proposed Newmed combination alongside other
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026