{"id":578792,"date":"2023-01-15T04:11:16","date_gmt":"2023-01-15T04:11:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/"},"modified":"2023-01-15T04:11:16","modified_gmt":"2023-01-15T04:11:16","slug":"keep-an-eye-on-capricorn-in-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/","title":{"rendered":"Keep an eye on Capricorn in February"},"content":{"rendered":"

<\/a> All eyes on Capricorn next month<\/strong>: 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 London Stock Exchange last week (here, pdf<\/a> and here, pdf<\/a>).<\/p>\n

ICYMI-<\/strong> Capricorn \u2014 which has a portfolio of producing assets in Egypt\u2019s Western Desert \u2014 and NewMed (FKA Delek Drilling) have proposed an all-share merger that would hand shareholders in the Israeli company almost 90% of the merged entity. The plan has generated significant opposition among Capricorn\u2019s shareholders, and a group led by Palliser controlling almost 40% of the company are attempting to oust<\/a> seven of the company\u2019s nine board members.<\/p>\n

Why this matters:<\/strong> Should the merger go ahead, NewMed shareholders will gain control over Capricorn\u2019s Egypt assets, whose working interest production during 1H 2022 averaged 35.5k barrels of oil equivalent per day.<\/p>\n

The decision to hold the votes on the same day didn\u2019t go down well with Palliser:<\/strong> \u201cWe are stunned that ... Capricorn's incumbent directors have desperately convened a general meeting to approve the NewMed transaction just hours ahead of the board change meeting called by Palliser,\u201d Palliser told Reuters<\/a>.<\/p>\n

This is how the board would look if the merger goes ahead: <\/strong>Capricorn said Peter Kallos would become the transitional independent chair of the merged entity, instead of current CEO Simon Thomson, whom Palliser is trying to remove. NewMed CEO Yossi Abu would become the CEO and James Smith, Capricorn\u2019s chief financial officer, would be CFO.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 London Stock Exchange last week […]<\/p>\n","protected":false},"author":1,"featured_media":578793,"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-578792","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":"1b97e663-eeeb-40ff-8ca9-8481592889c8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/221.jpg","photo_position":"above","related_issue":[578782],"teaser":"","voice_url":""},"yoast_head":"\nKeep an eye on Capricorn in February - 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Palliser is the company\u2019s third-largest shareholder and is one of\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\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579116,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/","url_meta":{"origin":578792,"position":1},"title":"Merger with NewMed looks dead after Capricorn directors quit en masse","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Capricorn\u2019s board jumps before it\u2019s pushed: The chair, CEO, and three other directors of Capricorn Energy\u2019s board have resigned, caving to pressure from shareholders led by activist investor Palliser Capital to overhaul the company\u2019s management and block a proposed merger with Israeli energy firm NewMed Energy.WHY DO WE CARE? 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":578313,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/pachin-to-respond-to-nph-bid-as-soon-as-january\/","url_meta":{"origin":578792,"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":578792,"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":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":578792,"position":4},"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":[]},{"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":578792,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578792","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=578792"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578792\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578793"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578792"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578792"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}