{"id":578232,"date":"2022-12-20T04:00:13","date_gmt":"2022-12-20T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/"},"modified":"2022-12-20T04:00:13","modified_gmt":"2022-12-20T04:00:13","slug":"capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/","title":{"rendered":"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed"},"content":{"rendered":"

<\/a> Another roadblock in the Capricorn-NewMed tie-up: <\/strong>One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters<\/a> reports. Palliser is the company\u2019s third-largest shareholder and is one of a number of investors in the energy company that have voiced their opposition to a potential merger with Israel\u2019s NewMed energy.<\/p>\n

Refresher: <\/strong>NewMed had proposed an all-share merger<\/a> with Capricorn in October after shareholders including Palliser blocked a previous merger plan<\/a> with Tullow Oil on grounds that it undervalued the company. The latest proposal would give NewMed control of Capricorn\u2019s assets in Egypt, paving the way for closer energy ties between Israel and Egypt and creating what the companies described as a \u201cMENA gas and energy champion.\u201d<\/p>\n

What\u2019s the beef? <\/strong>Shareholders accounting for more than 40% of the company\u2019s ownership are opposing<\/a> the planned merger on the basis that it undervalues Capricorn and that it is \u201cunnecessarily biased towards NewMed.\u201d Palliser also said it had assurances from another 28% of shareholders who had \"lost trust in the current board,\u201d the newswire says.<\/p>\n

Palliser has candidates in mind: <\/strong>Palliser\u2019s six candidates for directors include Hesham Mekawi, the former North Africa regional president at BP, and Christopher Cox, the former CEO of Spirit Energy. It wants to convene a shareholder meeting by 30 January for a vote on its plan.<\/p>\n

NewMed <\/strong>was hopeful<\/a><\/strong> the merger will go through sometime in 1Q 2023<\/strong>, \u200b\u200bNewMed CEO Yossi Abu recently said, downplaying shareholders\u2019 objections and saying he expects both companies\u2019 shareholders to ultimately approve the merger.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. Palliser is the company\u2019s third-largest shareholder and is one of a number of investors in […]<\/p>\n","protected":false},"author":1,"featured_media":578233,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[598,93,72,7128,7200,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-capricorn-energy","tag-energy","tag-enterpriseam","tag-ma-watch","tag-newmed","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"38d5e648-bcee-4083-ad59-c31d9f215833","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/419.jpg","photo_position":"above","related_issue":[578225],"teaser":"","voice_url":""},"yoast_head":"\nCapricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed\" \/>\n<meta property=\"og:description\" content=\"Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. 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Capricorn\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/","url_meta":{"origin":578232,"position":1},"title":"Keep an eye on Capricorn in February","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"All eyes on Capricorn next month: London-listed Capricorn Energy plans to hold a vote on its merger with Israel\u2019s NewMed on Wednesday 1 February, the same day that shareholders will vote on a motion to overthrow the board called by activist investor Palliser Capital, according to disclosures filed to the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578313,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/pachin-to-respond-to-nph-bid-as-soon-as-january\/","url_meta":{"origin":578232,"position":2},"title":"Pachin to respond to NPH bid as soon as January","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"To sell or not to sell? Paint and Chemical Industries (Pachin) could respond to the takeover offer from Dubai-based National Paints Holdings (NPH) as soon as early January, unnamed sources reportedly told Al Borsa. The Emirati firm is close to completing due diligenceand financial consultancy firm Elite is still working\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576988,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/uaes-national-paints-wants-pachin\/","url_meta":{"origin":578232,"position":3},"title":"UAE\u2019s National Paints wants Pachin","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"UAE\u2019s National Paints makes play for Pachin: Dubai-based National Paints Holdings (NPH) has launched a takeover bid for Paint and Chemical Industries (Pachin), becoming the third company this year to express interest in acquiring the state-owned firm. NPH has submitted a non-binding offer to purchase 100% of Pachin for EGP\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577526,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/israels-newmed-leaning-towards-floating-lng-terminal-over-fresh-pipeline-to-egypt\/","url_meta":{"origin":578232,"position":4},"title":"Israel\u2019s NewMed \u201cleaning towards\u201d floating LNG terminal over fresh pipeline to Egypt","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"Israel\u2019s NewMed plans floating LNG expansion: Israel\u2019s NewMed will likely build a floating liquefied natural gas (LNG) terminal to boost energy exports to Europe from its Leviathan gas field in Israel, NewMed CEO Yossi Abu told Reuters. NewMed \u2014 formerly Delek Drilling, a well-known partner in Egypt \u2014 had been\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/","url_meta":{"origin":578232,"position":5},"title":"Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger: Capricorn Energy has abandoned contested plans to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf) out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578232"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578232\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578233"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578232"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578232"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}