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Campaigns / Palliser Capital → Capricorn Energy PLC
Palliser Capital vs. Capricorn Energy PLC

Capricorn Energy PLC · CNE

3 decks published between 2022-08-09 and 2022-12-19 — 44 pages, 44 analysed slides total.

initial thesis follow up proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-08-09 follow up

    Palliser_Letter_to_Capricorn

    8pp · letter

    Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.

    N 4 V 3 C 3
    ⌂ ◫ ” ⚑
  2. 2022-10-27 initial thesis

    Palliser_s_Perspectives_on_Capricorn_Energy

    30pp · full_deck

    NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.

    N 5 V 4 C 4
    ⌂ ◫ ” ⚑
  3. 2022-12-19 proxy fight

    Palliser_s_Letter_to_the_Shareholders_of_Capricorn

    6pp · letter

    Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.