Palliser Receives Additional Letters of Intent from Capricorn Shareholders

• Three additional shareholders submit letters of intent in support of Palliser’s proposals
• Britain’s largest asset manager agrees that “a change of directors is now warranted”
• 39% of Capricorn shareholders confirmed in favour of comprehensive board change based on letters of intent and public statements made so far

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”) today announces receipt of signed letters of intent from three additional shareholders of Capricorn Energy PLC (LSE: CNE) (“Capricorn”) in support of Palliser’s proposed resolutions to remove seven current Capricorn directors and appoint six independent, highly qualified replacement candidates. The signed letters of intent from Irenic Capital Management, VR Global Partners and an additional undisclosed shareholder immediately follow Palliser’s call for a general meeting (“EGM”) of Capricorn shareholders.

Combined with letters of intent previously shared by three of Capricorn’s largest shareholders (other than Palliser), and the public statement made by Legal & General Investment Management on 20 December 2022, the most recent letters indicate that shareholders representing 39% of Capricorn’s issued share capital have lost trust in the current directors and agree that drastic board change is now required. Based on the turnout at Capricorn’s most recent general meeting, held on 15 December 2022, this represents indicated voting support of 70% and more than 57% when compared to the average turnout recorded at all Capricorn general meetings held since 2010.

Further background on Palliser’s proposal can be found in a letter to shareholders and accompanying presentation outlining the nominees’ backgrounds and qualifications.

For more information, please visit www.ReformCapricorn.com.

About Palliser

Palliser Capital is a London-based, global multi-strategy investment firm that applies a value-oriented investment philosophy across a range of strategies and asset classes throughout a variety of global markets. Founded in 2021, Palliser invests on behalf of its institutional investors, which include pension funds, endowments and foundations. Palliser Capital (UK) Limited is authorised and regulated by the UK Financial Conduct Authority.