{"id":579116,"date":"2023-01-25T04:15:48","date_gmt":"2023-01-25T04:15:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/"},"modified":"2023-01-25T04:15:48","modified_gmt":"2023-01-25T04:15:48","slug":"merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/","title":{"rendered":"Merger with NewMed looks dead after Capricorn directors quit en masse"},"content":{"rendered":"

<\/a> Capricorn\u2019s board jumps before it\u2019s pushed:<\/strong> 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.<\/p>\n

WHY DO WE CARE? Capricorn has a sizable portfolio of upstream assets in Egypt. <\/strong>The merger<\/a> would have given NewMed control of those assets, paving the way for closer energy ties between Israel and Egypt boosting our ambitions to take Russia\u2019s place<\/a> as Europe\u2019s go-to energy supplier. NewMed is a key supplier of natural gas to Egypt from its offshore fields, providing gas via the EMG pipeline to our two LNG plants on the Mediterranean coast.<\/p>\n

The heads that rolled: <\/strong>Company chair Nicoletta Giadrossi and CEO Simon Thomson \u2014 who has been in the role for more than a decade \u2014 are among the five board members stepping down with immediate effect, while CFO James Smith and another director will exit before a general shareholder meeting on 1 February, according to a statement (pdf)<\/a> by the board. That leaves just two of Capricorn\u2019s nine directors still in place.<\/p>\n

This marks a victory for activist investor Palliser: <\/strong>Palliser Capital \u2014 one of Capricorn\u2019s largest shareholders with a stake of around 7% \u2014 led a charge<\/a> against the company\u2019s plans to merge with Israel\u2019s NewMed, arguing alongside other shareholders that the proposed merger undervalues Capricorn and is \u201cunnecessarily biased towards NewMed.\u201d Pressure on Capricorn\u2019s management ramped up after Palliser called for a vote<\/a> to overthrow the seven board members on 1 February. Capricorn\u2019s board looked set to fight back, scheduling a shareholders\u2019 vote on the merger<\/a> just hours before on the same day. But mounting support from shareholders for Palliser\u2019s coup \u2014 helped along by recommendations in recent days from independent corporate advisors ISS<\/a> and Glass Lewis<\/a> that they reject the merger \u2014 looks to have forced Capricorn\u2019s board into admitting defeat.<\/p>\n

What now for the tie-up with NewMed? <\/strong>The move means the merger is likely dead in the water. In a statement to the Tel Aviv stock exchange, NewMed said it \u201cestimates that the probability for the closing of the transaction has significantly decreased,\u201d adding that it continues to examine \u201cstrategic alternatives.\u201d<\/p>\n

Capricorn shareholders are picky: <\/strong>This is the second time Capricorn shareholders oppose management's plans after scrubbing a proposed merger<\/a> with Tullow Oil<\/a> earlier this year.<\/p>\n

What do the activists want instead? Take a guess. <\/strong>Palliser \u201cwants much of the oil and gas group\u2019s USD 700mn in net [capital] distributed to shareholders,\u201d the Financial Times<\/a> reports, while fellow activist shareholder Irenic is demanding the \u201cimmediate return of excess capital,\u201d it said in a statement<\/a> yesterday.<\/p>\n

Palliser is promising a better path \u2014 especially as far as we\u2019re concerned: <\/strong>\u201cWe welcome the board\u2019s decision to step aside and enable a better path forward for Capricorn,\u201d Palliser said in a statement.<\/a> \u201cWe are confident that today\u2019s announcement marks the first step towards governance reform and a new leadership team focused on optimizing value and delivering real growth in Egypt.\u201d<\/p>\n

Next steps: <\/strong>Shareholders will still convene on 1 February for the general meeting, where they will likely discuss new appointments to the board. Palliser has already disclosed its preferred candidates, who include Hesham Mekawi<\/strong>, the former Egypt and later North Africa regional president at BP, and Christopher Cox<\/strong>, the former CEO of Spirit Energy. The vote on the merger has been pushed to 22 February. The story also got coverage from <\/strong>Reuters<\/a><\/strong> and <\/strong>Bloomberg<\/a><\/strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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 has a sizable portfolio […]<\/p>\n","protected":false},"author":1,"featured_media":579117,"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":[598,72,7128,7200,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-capricorn-energy","tag-enterpriseam","tag-ma-watch","tag-newmed","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"3d53cc51-fcea-4cbb-89e7-2d1e6d65fad9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/443.jpg","photo_position":"above","related_issue":[579107],"teaser":"","voice_url":""},"yoast_head":"\nMerger with NewMed looks dead after Capricorn directors quit en masse - 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\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merger with NewMed looks dead after Capricorn directors quit en masse\" \/>\n<meta property=\"og:description\" content=\"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. 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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":578792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/","url_meta":{"origin":579116,"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":577526,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/israels-newmed-leaning-towards-floating-lng-terminal-over-fresh-pipeline-to-egypt\/","url_meta":{"origin":579116,"position":2},"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":578313,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/pachin-to-respond-to-nph-bid-as-soon-as-january\/","url_meta":{"origin":579116,"position":3},"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":579116,"position":4},"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":579116,"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\/579116","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=579116"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579116\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579117"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579116"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579116"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}