Capricorn and NewMed merger called off
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Capricorn Energy and NewMed Energy have mutually agreed to terminate their proposed merger, following a strategic review by the new board of Capricorn.
The merger, which had been promoted by the former board, was scheduled for a shareholder vote next week, but has now been called off.
In the last month, Capricorn Energy’s chairperson, CEO, and five other directors resigned from the board following pressure from activist investor Palliser Capital.
Capricorn Energy shares are down over 1.5% for the YTD, but up 18% over the past year.
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