Capricorn Energy Share Discussion Threads

[silverstone1] 23/12/2022 08:28

UP TO 489P PER SHARE NEXT YEAR!

[silverstone1] 21/12/2022 16:55

AS I'VE SAID BEFORE: "INSTITUTIONAL OPPOSITION MEANS THAT THE REQUIRED THRESHOLD CANNOT BE ACHIEVED!"

[suetballs] 21/12/2022 16:43

Palliser believe at least 40% of cne shareholders oppose the NewMed deal.
So it looks like the board is in for a very difficult new year and rightly so imo.
Suet

[geckotheglorious] 21/12/2022 11:36

From yesterday...
"Legal & General calls for removal of Capricorn Energy board"
Asset manager Legal & General has called for Capricorn Energy's board to be given the boot, joining a growing revolt among key shareholders in the exploration and production firm.

Legal & General, which holds an almost 4% stake in the FTSE 250-listed company, said it believes that "a change of directors" at Capricorn was now "warranted", according to the Times.

The news comes just 24 hours after Palliser Capital, Capricorn's third-biggest shareholder, called for an extraordinary general meeting in order to lobby for the ousting of seven of the company's nine directors, including long-standing chief executive Simon Thomson.

Shareholders recently turned on Capricorn after it sought out a highly unpopular merger with Tullow Oil, which it later abandoned in September in favour of a merger with Israeli natural gas group NewMed Energy.

[...]

[churchill2] 20/12/2022 21:25

Hi p6r0
As Palliser point out the CEO & CFO have been paid a collective £25 million since they took on their respective roles.
US$3.3 billion Exploration Spend. US$400 million Crystallised Exploration Value
I guess it comes down to who you trust to get the best deal for shareholders. One a greedy incompetent board or Palliser who have invested in over twenty million shares.They may not be perfect but they have been joined by Legal and General who lend some gravitas.

[willie99] 20/12/2022 18:42

To advance on other point of view. The following para from the RNS suggests that our directors have considered alternative proposals from other parties.

Over the last year, the Board has engaged with multiple counterparties regarding alternative transactions. A data room has been made available and a number of proposals have been made. The Board has assessed all options and has carefully considered all proposals made to date. The Board unanimously agrees that the Combination with NewMed is the optimal route to maximise shareholder value.

So, if they can demonstrate to the institutional investors that they have rigorously evaluated all options (which they say they have) then surely it is reasonable to conclude that this is the best offer that can be made, all things considered. Remember, it is easy for an investor to wish for a better deal, but if such a deal doesn’t exist, then the deal on the table might be as good as it gets.

If we replace the directors, we could embark on a prolonged period of uncertainty, with no guarantee of a better deal. When you consider the ‘cost of lost opportunity in the market’ it would not be unreasonable to sell and move on.

My thoughts, but think I will sell some, if not all, and move on.

[p6r0] 20/12/2022 16:25

Well Palliser Capital have! I said months ago that a vote of no confidence in the board raised by one of the major shareholders, would be the only way forward. Whilst I abhor the greed of Palliser who are only recent shareholders and have primarily their own interests, rather than that of Capricorn shareholders as a whole, as their motivation. A greed which is only matched by the current BOD who in my opinion have also only acted in their own interests for many years and have failed in their fiduciary duty. Well now they have their cumuppence!

[silverstone1] 20/12/2022 10:32

WE'VE REQUISITIONED AN EMERGENCY GENERAL MEETING TO REMOVE THE BOARD OF DIRECTORS!

[suetballs] 19/12/2022 21:04

And so it rumbles on.
Suet

[churchill2] 19/12/2022 20:37

It may be worth a read but does not address the exchange rate problem. As it stands shareholders at the current exchange rates will get 162p cash return and based on the current NewMed share price around 84p for the rest of our assets. Also its hard to believe the suggested drop in value of the $620 million if this deal had not been activated.
I my opinion there is a deal to be done with NewMed but not under 300p.

[willie99] 19/12/2022 16:25

Capricorn have just issued an open letter and presentation defending the proposed combination with New Med.It’s worth a read.

[silverstone1] 12/12/2022 09:00

CHURCHILL2, I DIDN'T SAY 129P WAS COMING OUR WAY, I SAID TOTAL VALUATION OF UP TO 489P PER SHARE! YOUR STATEMENT IS INCORRECT BECAUSE THE LETTER STATES: "CAPRICORN PROPOSES TO CANCEL ITS SHARE PREMIUM ACCOUNT IN ORDER TO CREATE ADDITIONAL DISTRIBUTABLE RESERVES (OF APPROXIMATELY US$495.1 MILLION) WHICH (SUBJECT TO ANY ARRANGEMENTS REQUIRED FOR THE PROTECTION OF CAPRICORN'S CREDITORS AND ANY DIRECTIONS GIVEN BY THE COURT IN CONFIRMING THE SHARE PREMIUM ACCOUNT CANCELLATION) MAY BE USED BY CAPRICORN TO DELIVER RETURNS TO SHAREHOLDERS IN THE FUTURE, WHETHER IN THE FORM OF DIVIDENDS, DISTRIBUTIONS OR PURCHASES OF THE COMPANY'S OWN SHARES."

[churchill2] 10/12/2022 11:56

In the letter to shareholders it states the Proposed Share Premium Account Cancellation will not involve any distribution of share premium to Shareholders.It should be treated as a reorganisation of the share capital of the Company.

I think someone would have noticed if their was another 129p coming our way.

Turning to the merger with NewMed due to the current recovery in the fortunes of the pound the proposed 271p is currently around the 245p region so shareholders need something to happen hopefully in the short term.

[silverstone1] 08/12/2022 22:28

$495.1 MILLION ÷ 315 MILLION SHARES IN ISSUE = $1.57 OR 129P PER SHARE!

[churchill2] 08/12/2022 09:48

Not sure about your 129p per share. My understanding is the Share Premium Account is a bookkeeping exercise.

[hsfinch] 08/12/2022 08:42

Sold out of this a while back coz it had list its way. But heard this mornin that half of staff have been granted voluntary redundancy. If true, it means that its over for Capricorn whatever happens with NewMed. And many of the Edinburgh gents going are close to retirement so shareholders are givin em a juicy early retirement present...its alright for some this Christmas. If I was still holding, I'd vote against the NewMed deal for sure.

[silverstone1] 07/12/2022 22:13

PATIENCE WILL BE REWARDED BECAUSE CNE HAVE CASH OF UP TO 214P PER SHARE, ASSETS OF UP TO 146P PER SHARE AND A SHARE PREMIUM ACCOUNT OF UP TO 129P PER SHARE, TOTAL VALUATION OF UP TO 489P PER SHARE!

[hsfinch] 07/12/2022 20:17

Its management has lost its way. Its rock docs are useless. Its portfolio is all dogs. Put it out of its misery and give the money back to shareholders.

[silverstone1] 06/12/2022 11:25

CONTROLLEDMADNESS, I WAS SPECULATING ABOUT BANK OF AMERICA, BUT THE SHAREHOLDERS LISTED ARE PUBLICLY OPPOSED. PROPOSED SHARE PREMIUM ACCOUNT CANCELLATION ADDS ANOTHER $1.57 OR 129P PER SHARE TO MY VALUATION OF UP TO 360P PER SHARE!

[controlledmadness] 06/12/2022 09:09

Silversstone1 - Merrell Lynch is owned by Bank of America and has held the majority of their shares all the time.

[silverstone1] 05/12/2022 21:45

CONTROLLEDMADNESS, ON 11/08/2022 I LISTED ALL CNE SHAREHOLDERS OPPOSED TO THE TLW MERGER, THE SAME SHAREHOLDERS ARE OPPOSED TO THE NWMD MERGER, I'VE NEVER LISTED MERRILL LYNCH!

[anley] 05/12/2022 12:58

There will come a time when CNE will have to come clean and tell shareholders just what is going on:

In one corner you have CNE talking to NewMed BUT in the other corner over 10% of shareholder votes against the deal because they feel CNE may be selling out too cheaply.

How long can this go on? I believe it will be early in 2023 when matters become clear.

For me I am interested as to what will happen to the 5 X licences CNE has with Deltic Energy. There is a possibility that 2 licences could be drill ready in 2023 but some shareholders think that CNE should acquire Deltic and work with Shell if the Pensacola area results come up trumps in early 2023.