(Alliance News) - Capricorn Energy PLC on Tuesday said Chief Executive Officer Simon Thomson and Chair Nicoletta Giadrossi have left the company's board, amid pressure from shareholder Palliser Capital Master Fund Ltd, which asked for both of them, and Chief Financial Officer James Smith, to leave the board.
While CFO Smith will remain on the board as of Tuesday, he leave the board before a planned requisitioned meeting that will take place on February 1.
Capricorn is an Edinburgh-based upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt.
Meanwhile, Capricorn said non-executive directors Peter Kallos, Alison Wood, and Luis Araujo have also stepped down from the board.
The moves follow a proposal by Capricorn in September 2022 to merge with NewMed Energy LP, after withdrawing from a planned merger with Tullow Oil PLC in June due to shareholder opposition.
Two weeks ago, Capricorn had said it planned a requisitioned meeting in response to a request by shareholder Palliser Capital Master Fund Ltd to remove several directors, including CEO Thomson and CFO Smith.
On February 1, the company will hold the requisitioned general meeting to assess the proposed merger with NewMed. On February 22, shareholders will vote on the planned merger at a general meeting. Originally both were planned for February 1, but on Tuesday Capricorn said that the latter was adjourned to assess the merger alongside other strategic options.
Palliser in November had raised its shareholding in Capricorn to 6.9% on November 28 from 5.1% previously.
Capricorn Energy shares were trading flat at 244.51 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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Capricorn Energy PLC (CNE)
Tullow Oil (TLW)