LONDON, Jan. 16,
2023 /PRNewswire/ -- VR Global Partners, L.P.
("VRGP"), a holder of 6,544,661 common shares of Capricorn
Energy PLC (LSE: CNE) ("Capricorn Energy" or the
"Company") representing an ownership stake of approximately
2.0%, today disclosed its intent to vote AGAINST the proposed
business combination between Capricorn Energy and NewMed Energy
LP.
VRGP has found the Company's arguments in favour of the
combination to be entirely unpersuasive and believes proceeding
with the deal would be destructive to shareholder value. VRGP finds
the current board's intransigence in the face of opposition of so
many of its significant shareholders to be puzzling and
concerning.
VRGP intends to vote FOR Palliser Capital's proposed changes to
the composition of the Company's board of directors. It is VRGP's
belief that replacing the current, entrenched board with a
reconstituted, impartial board will allow an opportunity to review
the proposed transaction terms dispassionately and with a view
toward maximizing shareholder value.
About VR Capital
VRGP is a fund managed by VR Capital. VR Capital is an
alternative asset manager focused on distressed securities and
event-driven/special situations with a strong historical
orientation towards emerging markets. VR Capital has offices in
New York and London and its investment advisory
subsidiaries are regulated by the U.S. Securities and Exchange
Commission and the U.K. Financial Conduct Authority.
For further information contact:
Steve Bruce / Taylor Ingraham
ASC Advisors
(203) 992-1230
sbruce@ascadvisors.com / tingraham@ascadvisors.com
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SOURCE VR Capital Group