Capricorn is ready to add Palliser candidates to the board |

LONDON, 9 january (Reuters) – Capricorn Energy ( CNE.L ) said on Monday it was ready to add “a number” of people nominated by activist investor Palliser to its board as it pursues a merger with Israel’s NewMed ( NWMDp.TA ). ) which some shareholders opposed.

Capricorn’s third largest shareholder and offer Palliser, who opposes the proposed deal, called a general meeting last month to vote to remove seven Capricorn directors from their supervisory roles, including the CEO.

“We are ready to add a number of your candidates to the board of directors before the general meetings,” Oglag said in his letter to Palliser.

Capricorn declined to clarify exactly how the council, which can technically be expanded by a handful of members, might change.

A Palliser spokesman said the proposal to add some of Capricorn’s nominees was “little more than the latest maneuver by existing directors to limit shareholder choice and protect their own power.”

“Capricorn’s shareholders, not the existing directors, should decide which nominees to appoint and, more importantly, which directors to remove,” Palliser said in an emailed statement to Reuters.

Madison Avenue, Capricorn’s largest shareholder with about an 8% stake, reiterated its opposition to the board separately on Monday.

“Madison Palliser intends to vote against the slate of directors, the current directors and the merger proposal,” Eli Samaha, managing partner at Madison Avenue, said in an interview.

“We are disappointed and perplexed that the board continues to act in direct opposition to the wishes of the company’s largest shareholders,” he added.

Jamie Sherman, chief investment officer at Kite Lake, Capricorn’s second-largest shareholder, told Reuters on Monday that the terms of the NewMed deal were inadequate and that Palliser’s slate of board candidates was the best move forward. way he said it was.

Oglaq said that the meeting of shareholders to vote on changes in the board of directors is scheduled for February 1. With shareholders voting on the NewMed deal “on or about the same date.”

Reporting by Shadia Nasralla Editing by David Goodman and Barbara Lewis

Our standards: Thomson Reuters Trust Principles.

Shadia Nasralla

Thomson Reuters

He writes about the intersection of corporate oil and climate policy. He has reported on politics, economics, migration, nuclear diplomacy and business from Cairo, Vienna and elsewhere.

2023-01-10 04:45:49
Source – reuters

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