Irenic Capital Announces Intent to Vote AGAINST Capricorn’s Proposed NewMed Merger and FOR All of Palliser’s Proposals at Upcoming General Meetings
“Irenic appreciates the steps taken by Capricorn’s Board of Directors (the ‘Board’) to facilitate an orderly transition and reiterates our intent to vote FOR the Palliser nominees at the upcoming Requisitioned General Meeting. Moreover, we reiterate our intent to vote AGAINST the NewMed transaction whenever the reconstituted Board ultimately decides to hold this vote. Since last fall, Irenic has opposed Capricorn’s proposed merger with NewMed and has encouraged the Company’s Board to terminate the transaction in favor of initiating an objective and speedy review of value-maximizing alternatives.
Today, we encourage Capricorn’s reconstituted Board to immediately return the Company’s excess capital and near-term contingent consideration receipts to shareholders, reduce the firm’s excessive overhead and end speculative exploration spending, and quickly maximize the value of the Company’s
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