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Can the UK take its foot off the gas?
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The importance of the oil and gas sector to the UK and the value of its assets mean 2025 could offer new opportunities and a recovery in activity
Shareholders opposed to merger
Israel UK
Simon Ferrie
26 January 2023
Follow @PetroleumEcon
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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

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