Irenic Announces Support for Palliser’s Efforts to Requisition a General Meeting and Reconstitute the Board of Directors of Capricorn Energy

Contends New Leadership Can Help Capricorn Abandon the Proposed NewMed Merger in Favor of Value-Maximizing Alternatives

NEW YORK--(BUSINESS WIRE)--Irenic Capital Management, L.P. (together with its affiliates, “Irenic” or “we”), which has an approximately 1.6% stake in Capricorn Energy plc (LSE: CNE.L) (“Capricorn” or the “Company”), today announced that it supports Palliser Capital Master Fund Limited’s (together with its affiliates, “Palliser”) decision to requisition a general meeting (the “EGM”) of the Company’s shareholders, whereat they will have an opportunity to vote on the removal and replacement of members of the Board of Directors (the “Board”).

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

“Irenic applauds Palliser’s decision to requisition an EGM, which will provide Capricorn’s shareholders a much-needed opportunity to reconstitute a majority of the Company’s Board. We agree with Palliser that Capricorn’s leadership has been dismissive of investor feedback and, in turn, has lost the confidence of shareholders. Like many of our fellow shareholders, we strongly oppose the Company’s currently proposed merger with NewMed Energy Limited Partnership. It is time for Capricorn to benefit from new leadership that is committed to embracing shareholder input and pursuing value-maximizing strategies that are superior to the proposed merger.”

Irenic’s October 19^th letter to Capricorn’s Board can be found here.

About Irenic

Irenic Capital Management, L.P. is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.