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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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03-06-2023 12:16:55 (UTC+7)

EUR/USD

1.0708

-0.0054 (-0.50%)

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↑ Buy

Moving Avg:

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EUR/USD

1.0708

-0.0054 (-0.50%)

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↑ Buy

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GBP/USD

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USD/JPY

139.97

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AUD/USD

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EUR/JPY

149.89

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Gold Futures

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Silver Futures

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US Coffee C Futures

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Euro Stoxx 50

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DAX

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US Small Cap 2000

1,830.91

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210.15

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 EUR/USD1.0708↑ Buy
 GBP/USD1.2450↑ Buy
 USD/JPY139.97Neutral
 AUD/USD0.6602↑ Sell
 USD/CAD1.3428↑ Sell
 EUR/JPY149.89↑ Buy
 EUR/CHF0.9733↑ Buy
 Gold1,964.30↑ Sell
 Silver23.695↑ Sell
 Copper3.7310↑ Buy
 Crude Oil WTI71.87Sell
 Brent Oil76.40↑ Buy
 Natural Gas2.177↑ Sell
 US Coffee C180.60↑ Sell
 Euro Stoxx 504,323.52↑ Buy
 S&P 5004,282.37↑ Sell
 DAX16,051.23↑ Sell
 FTSE 1007,607.28Sell
 Hang Seng18,949.94↑ Buy
 Small Cap 20001,830.91↑ Buy
 IBEX 359,317.30Buy
 BASF46.790↑ Sell
 Bayer52.61↑ Buy
 Allianz210.15Sell
 Adidas159.52Buy
 Lufthansa9.303Buy
 Siemens AG159.28↑ Buy
 Deutsche Bank AG9.862Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,650/ 6,690
(0/ 0) # 1,061
SJC HCM6,635/ 6,705
(-10/ 0) # 1,076
SJC Hanoi6,635/ 6,707
(-10/ 0) # 1,078
SJC Danang6,635/ 6,707
(-10/ 0) # 1,078
SJC Nhatrang6,635/ 6,707
(-10/ 0) # 1,078
SJC Cantho6,635/ 6,707
(-10/ 0) # 1,078
Cập nhật 03-06-2023 12:16:57
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
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GBP28.653,4729.875,26
JPY164,43174,07
KRW15,4818,86
Cập nhật lúc 12:10:39 03/06/2023
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