1st Feb 2023 16:40
(Alliance News) - Capricorn Energy PLC on Wednesday said it approved the appointments of six board members, as recommended by its shareholder Palliser Capital Master Fund Ltd.
Capricorn is an Edinburgh-based upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt.
Hesham Mekawi, Christopher Cox, Maria Gordon, Craig van der Laan, Richard Herbert and Tom Pitts were all approved as appointments to the board by an overwhelming 99% margin.
Each will be appointed, effective immediately.
Capricorn also said it will adjourn its general meeting on its proposed merger with NewMed Energy LP to February 22.
On Tuesday last week, Capricorn Energy Chief Executive Officer Simon Thomson and Chair Nicoletta Giadrossi resigned, following pressure from Palliser Capital alongside calling for Chief Financial Officer James Smith to leave. Smith subsequently also left the board before the requisitioned meeting on Wednesday.
Capricorn said at the time non-executive directors Peter Kallos, Alison Wood, and Luis Araujo also stepped down from the board.
The moves followed a proposal by Capricorn in September 2022 to merge with NewMed Energy, after withdrawing from a planned merger with Tullow Oil PLC in June due to shareholder opposition.
Palliser in November had raised its shareholding in Capricorn to 6.9% on November 28 from 5.1% previously.
Shares in Capricorn were down 0.9% to 240.65 pence each in London just before closing on Wednesday.
By Greg Rosenvinge, Alliance News reporter
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