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Capricorn Energy approves the nominees from Palliser’s board ahead of its annual general meeting next month
- Capricorn will hold its AGM on February 1 to vote on merger and revision of the board
- Palliser criticized the decision to use the same meeting for both decisions
- Capricorn said Palliser may have some of its directors on board ahead of the meeting
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Oil explorer Capricorn Energy has agreed to add candidates from investor Palliser to its board ahead of its annual general meeting next month.
The FTSE 250 firm is holding its meeting on Feb. 1 to vote on a proposed partnership with NewMed and a board shake-up that could see Capricorn’s CEO, finance chief and five other directors ousted.
The meeting was requested by Palliser, Capricorn’s third-largest investor, who wants the merger blocked and the board overhauled.
Decision moment: Capricorn will hold a general meeting on 1 February
Last week, Capricorn said Palliser’s arguments for opposing the deal were based on “incorrect facts and assumptions” and invited the investor to review details of the partnership.
Today it told Palliser it could have “some” of its nominees on the board ahead of the general meeting.
“We would like to reiterate our offer to meet with your nominees immediately so that we can quickly complete our corporate governance processes,” Capricorn told Palliser in a letter.
“We are also willing to sign non-disclosure agreements with your nominees so they can review additional information.”
Palliser yesterday criticized Capricorn’s decision to hold its general meeting on or around the same date as it seeks approval for the acquisition of NewMed.
In the letter, Palliser and other investors said the decision to coincide the timing of the two general meetings “actually confuses two different issues: shareholder consideration of the NewMed transaction and shareholder consideration of proposed management changes’.
Capricorn shares were little changed at 241p in Monday’s morning trading.