-

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.

Contacts

Media:
Prosek Partners
Pro-Palliser@Prosek.com
+44 785 475 0943

Palliser Capital

LSE:CNE

Release Versions

Contacts

Media:
Prosek Partners
Pro-Palliser@Prosek.com
+44 785 475 0943

More News From Palliser Capital

Palliser Capital Presents Value Proposition for Japan Post Holdings

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), a global multi-strategy fund with a top 15 shareholding in Japan Post Holdings Co. Ltd (“JPH”), this week presented on its investment in JPH at the Annual Sohn London Investment Conference. The presentation outlined why Palliser believes the market has continued to undervalue JPH, despite its exceptional asset quality and substantial potential to unlock embedded value. James Smith, Founder and CIO of Palliser, said, “JPH’s true value has n...

Palliser Capital Publishes Value Enhancement Plan for Taiheiyo Cement

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), a top 10 shareholder of Taiheiyo Cement Corporation (“Taiheiyo”) with an interest of more than 3%, today published a comprehensive presentation on the opportunities available to unlock significant value at Taiheiyo. To ensure market transparency and respond to requests from shareholders and other stakeholders, Palliser published the presentation first delivered by James Smith, Palliser Founder and Chief Investment Officer, at the October 2...

Palliser Capital Presents Recommendations to LG Chem to Unlock its Deep Discount and Lead the Charge for South Korea’s Capital Market Reform

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), a top 10 shareholder of LG Chem (“the Company”) with a long-term stake of over 1% in the Company, today unveiled a comprehensive presentation outlining actionable steps the Company’s management can take to unlock over 100% upside on LG Chem’s current share price. This presentation was delivered to attendees of 13D Monitor’s 2025 Active-Passive Investor Summit in New York. Palliser’s presentation highlights that LG Chem trades at an extreme...
Back to Newsroom