Plans by Israel’s NewMed Energy to pay $620mn for Edinburgh-based, Egypt-focused independent Capricorn have run into resistance from the latter’s shareholders, who already this year torpedoed plans to merge with compatriot Tullow Oil (MEES, 7 October).

On 19 December Capricorn’s board issued shareholders with a prospectus and other material purportedly setting out the benefits of the New Med deal. This followed the receipt of a requisition notice from a key shareholder to convene a general meeting with a view to removing CEO Simon Thompson and six other senior executives. (CONTINUED - 308 WORDS)