Company Announcements

NEW YORK--(BUSINESS WIRE)--Jan. 24, 2023-- Irenic Capital Management, L.P. (together with its affiliates, “Irenic” or “we”), which has an approximately 2.8% stake in Capricorn Energy plc (LSE: CNE.L) (“Capricorn” or the “Company”), today announced its intent to vote AGAINST the Company’s proposed merger with NewMed Energy Limited Partnership (“NewMed”) and FOR all of Palliser Capital Master Fund Limited’s (together with its affiliates, “Palliser”) proposals at the upcoming General Meetings of Shareholders (the “General Meetings”).

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

“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 Egypt assets (including its working capital balance). Irenic firmly believes such steps are the best path forward for Capricorn shareholders.”

About Irenic

Irenic Capital Management, L.P. is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit www.irenicmgmt.com.

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contact@irenicmgmt.com

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Source: Irenic Capital Management, L.P.