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L&G plans to vote against Capricorn leadership and NewMed merger

By Shadia Nasralla LONDON (Reuters) - Asset manager Legal & General plans to take the rare step of voting to oust energy group Capricorn's senior leadership and halt its planned...
L&G plans to vote against Capricorn leadership and NewMed merger © Reuters. FILE PHOTO: The production platform of the Leviathan natural gas field in the Mediterranean Sea off the coast of Haifa, northern Israel, June 9, 2021. REUTERS/Amir Cohen/File Photo

By Shadia Nasralla

LONDON (Reuters) - Asset manager Legal & General plans to take the rare step of voting to oust energy group Capricorn's senior leadership and halt its planned merger with NewMed, according to a company document seen by Reuters.

Capricorn shareholders will vote on the NewMed deal on the morning of Feb. 1 before voting in the afternoon on activist investor Palliser's proposal to overhaul the board. The deal is opposed by Capricorn's three biggest investors and others.

The timing of the shareholder votes means that any resulting shake up could leave a new board bound by the earlier vote on the deal - a point that has come in for criticism from Palliser and Legal & General Investment Management (LGIM).

Most of the shareholders to have publicly opposed the deal with NewMed, the biggest stakeholder in the huge Leviathan gas field in the Mediterranean, are hedge funds.

In Monday's unusually strongly worded pre-announcement of its intention to vote against Capricorn's leadership, long-term investor LGIM said its vote was "an unusual step" based on grave concerns.

"The decision to hold the company’s meeting (on the merger) before the shareholder requisitioned meeting (on the board) appears to be a direct attempt to undermine due process," LGIM said.

"The process to date raises serious questions about the ongoing suitability and fitness of the entire board ... to serve as directors of a listed company."

The asset manager added that its concerns touched on governance, process, future strategy, executive compensation, environmental risks and valuation. It also said Capricorn's response to its concerns was to suggest that LGIM sells its stake.

A spokesperson for Capricorn, which published a shareholder presentation on Monday in support of the merger plan and accompanying $620 million special dividend, said the company was unable to comment because it had not seen the LGIM document.

NewMed said on Monday that its merger offer was final.

LGIM own 3.98% of Capricorn, Refinitiv Eikon data shows.

Other shareholders publicly opposed to the NewMed deal include Madison Avenue, which owns an 8% stake, as well as Kite Lake (7.4%), Palliser (6.9%) and Newtyn (6%).

The votes will be decided by a simple majority of shares represented at the meeting.

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31-03-2024 10:19:50 (UTC+7)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

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Buy (1)

Sell (5)

GBP/USD

1.2624

+0.0002 (+0.02%)

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Sell

Moving Avg:

Buy (6)

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USD/JPY

151.38

0.01 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (5)

Sell (1)

AUD/USD

0.6522

+0.0007 (+0.11%)

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USD/CAD

1.3543

+0.0006 (+0.04%)

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Buy

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EUR/JPY

163.37

+0.12 (+0.07%)

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↑ Sell

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EUR/CHF

0.9738

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Gold Futures

2,254.80

42.10 (1.90%)

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Buy

Moving Avg:

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Buy (5)

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Silver Futures

25.100

+0.002 (+0.01%)

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↑ Buy

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Copper Futures

4.0115

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83.11

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Brent Oil Futures

86.99

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Natural Gas Futures

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US Coffee C Futures

188.53

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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S&P 500

5,254.35

+5.86 (+0.11%)

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DAX

18,504.51

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FTSE 100

7,952.62

+20.64 (+0.26%)

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Hang Seng

16,541.42

0.00 (0.00%)

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Buy (3)

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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IBEX 35

11,074.60

-36.70 (-0.33%)

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Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

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↑ Buy

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Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Buy (7)

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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↑ Buy

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Buy (6)

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

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Siemens AG Class N

176.96

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

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Buy (7)

Sell (1)

 EUR/USD1.0793Sell
 GBP/USD1.2624Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(7,910/ 8,080) # 1,364
SJC HCM7,830/ 8,080
(0/ 0) # 1,364
SJC Hanoi7,830/ 8,082
(0/ 0) # 1,366
SJC Danang7,830/ 8,082
(0/ 0) # 1,366
SJC Nhatrang7,830/ 8,082
(0/ 0) # 1,366
SJC Cantho7,830/ 8,082
(0/ 0) # 1,366
Cập nhật 31-03-2024 10:19:52
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Ngoại tệMua vàoBán ra
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GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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