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Thursday, February 16, 2023
NewMed Energy has notified investors that it will not proceed with a merger with Capricorn Energy. The company released the following statement to that effect on February 15.
“Further to the Partnership’s immediate report of January 15, 2023 (Ref. no.: 2023-01-006930), incorporated herein by way of reference, with respect to a business combination transaction with Capricorn Energy PLC (“Capricorn” and the “Transaction”, respectively), and to the Partnership’s immediate reports of January 24, 2023 and February 1, 2023 (Ref. no.: 2023-01-010953 and 2023-01-013680), incorporated herein by way of reference, regarding, inter alia, the recent developments at Capricorn, including the fundamental change in the composition of Capricorn’s board and senior management, the Partnership respectfully reports that on February 15, the Partnership and Capricorn mutually agreed to terminate the Transaction with immediate effect.”
No reason was given for the termination by NewMed, however, Capricorn released a statement stating after a strategic review by the Board, including six new members, there was not enough support.
“Based on its work to date in respect of the Strategic Review and taking into consideration the views expressed by shareholders on the NewMed Transaction, the Board has resolved to advise shareholders to vote against the NewMed Transaction. As a consequence of this decision, the company and NewMed have mutually agreed that the business combination agreement entered into between the company and NewMed on 29 September 2022 be terminated with immediate effect,” the Capricorn statement said.
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