16th Jan 2023 08:43
Capricorn Energy PLC - Edinburgh-based upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt - NewMed Energy LP says it continues to promote its proposed merger with Capricorn Energy on the existing terms, saying this is the "most compelling option for all relevant stakeholders". However, the Israeli firm also continues to consider "alternative strategic options" to the merger with Capricorn, which is facing pushback on the deal from shareholder Palliser Capital Master Fund Ltd.
Capricorn last week called a general meeting for February 1 in response to a requisition by 6.9% shareholder Palliser, saying it will hold a meeting to approve the all-share merger with NewMed around the same time. Palliser instead has proposed an immediate return of USD620 million in cash by Capricorn to its shareholders. Back in October, Capricorn had called off a previously proposed merger with fellow FTSE 250-consituent Tullow Oil PLC in favour of the deal with NewMed.
Current stock price: 242.60 pence
12-month change: up 26%
By Tom Waite, Alliance News editor
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