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L&G plans to vote against Capricorn leadership and NewMed merger

By Shadia Nasralla LONDON (Reuters) - Asset manager Legal & General plans to take the rare step of voting to oust energy group Capricorn's senior leadership and halt its planned...
L&G plans to vote against Capricorn leadership and NewMed merger © Reuters. FILE PHOTO: The production platform of the Leviathan natural gas field in the Mediterranean Sea off the coast of Haifa, northern Israel, June 9, 2021. REUTERS/Amir Cohen/File Photo

By Shadia Nasralla

LONDON (Reuters) - Asset manager Legal & General plans to take the rare step of voting to oust energy group Capricorn's senior leadership and halt its planned merger with NewMed, according to a company document seen by Reuters.

Capricorn shareholders will vote on the NewMed deal on the morning of Feb. 1 before voting in the afternoon on activist investor Palliser's proposal to overhaul the board. The deal is opposed by Capricorn's three biggest investors and others.

The timing of the shareholder votes means that any resulting shake up could leave a new board bound by the earlier vote on the deal - a point that has come in for criticism from Palliser and Legal & General Investment Management (LGIM).

Most of the shareholders to have publicly opposed the deal with NewMed, the biggest stakeholder in the huge Leviathan gas field in the Mediterranean, are hedge funds.

In Monday's unusually strongly worded pre-announcement of its intention to vote against Capricorn's leadership, long-term investor LGIM said its vote was "an unusual step" based on grave concerns.

"The decision to hold the company’s meeting (on the merger) before the shareholder requisitioned meeting (on the board) appears to be a direct attempt to undermine due process," LGIM said.

"The process to date raises serious questions about the ongoing suitability and fitness of the entire board ... to serve as directors of a listed company."

The asset manager added that its concerns touched on governance, process, future strategy, executive compensation, environmental risks and valuation. It also said Capricorn's response to its concerns was to suggest that LGIM sells its stake.

A spokesperson for Capricorn, which published a shareholder presentation on Monday in support of the merger plan and accompanying $620 million special dividend, said the company was unable to comment because it had not seen the LGIM document.

NewMed said on Monday that its merger offer was final.

LGIM own 3.98% of Capricorn, Refinitiv Eikon data shows.

Other shareholders publicly opposed to the NewMed deal include Madison Avenue, which owns an 8% stake, as well as Kite Lake (7.4%), Palliser (6.9%) and Newtyn (6%).

The votes will be decided by a simple majority of shares represented at the meeting.

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27-01-2023 21:06:05 (UTC+7)

EUR/USD

1.0864

-0.0025 (-0.23%)

Summary

Sell

Moving Avg:

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Sell (10)

Indicators:

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EUR/USD

1.0864

-0.0025 (-0.23%)

Summary

Sell

Moving Avg:

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GBP/USD

1.2370

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USD/JPY

129.71

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AUD/USD

0.7110

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USD/CAD

1.3329

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EUR/JPY

140.93

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EUR/CHF

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Gold Futures

1,930.60

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Silver Futures

23.648

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Copper Futures

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Crude Oil WTI Futures

82.33

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Brent Oil Futures

88.78

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Natural Gas Futures

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US Coffee C Futures

166.90

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Euro Stoxx 50

4,159.95

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S&P 500

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DAX

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FTSE 100

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Hang Seng

22,688.90

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US Small Cap 2000

1,903.06

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IBEX 35

9,030.66

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BASF SE NA O.N.

52.570

-0.050 (-0.10%)

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Bayer AG NA

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Allianz SE VNA O.N.

221.63

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Adidas AG

147.15

+1.87 (+1.29%)

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Deutsche Lufthansa AG

9.735

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Siemens AG Class N

143.63

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Deutsche Bank AG

12.315

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 EUR/USD1.0864Sell
 GBP/USD1.2370↑ Sell
 USD/JPY129.71↑ Sell
 AUD/USD0.7110Neutral
 USD/CAD1.3329↑ Buy
 EUR/JPY140.93↑ Sell
 EUR/CHF1.0018↑ Sell
 Gold1,930.60Neutral
 Silver23.648↑ Sell
 Copper4.2530Buy
 Crude Oil WTI82.33↑ Buy
 Brent Oil88.78↑ Buy
 Natural Gas2.812Neutral
 US Coffee C166.90Neutral
 Euro Stoxx 504,159.95Sell
 S&P 5004,060.43↑ Buy
 DAX15,096.45Sell
 FTSE 1007,758.09Sell
 Hang Seng22,688.90Buy
 Small Cap 20001,903.06↑ Buy
 IBEX 359,030.66Neutral
 BASF52.570↑ Sell
 Bayer56.22↑ Sell
 Allianz221.63↑ Sell
 Adidas147.15↑ Sell
 Lufthansa9.735↑ Sell
 Siemens AG143.63↑ Sell
 Deutsche Bank AG12.315↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,720/ 6,820
(30/ 30) # 1,331
SJC HCM6,750/ 6,850
(60/ 60) # 1,361
SJC Hanoi6,750/ 6,852
(60/ 60) # 1,363
SJC Danang6,750/ 6,852
(60/ 60) # 1,363
SJC Nhatrang6,750/ 6,852
(60/ 60) # 1,363
SJC Cantho6,750/ 6,852
(60/ 60) # 1,363
Cập nhật 27-01-2023 21:06:07
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ↀ Giá vàng thế giới
$1,930.28-0.29-0.02%
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Sản phẩmVùng 1Vùng 2
RON 95-V23.01023.470
RON 95-III22.15022.590
E5 RON 92-II21.35021.770
DO 0.05S21.63022.060
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Dầu hỏa 2-K21.80022.230
ↂ Giá dầu thô thế giới
WTI$82.25-1.01-1.25%
Brent$88.34-0.97-1.10%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.260,0023.630,00
EUR24.857,5526.249,47
GBP28.270,1829.475,66
JPY175,71186,02
KRW16,4320,02
Cập nhật lúc 18:54:25 27/01/2023
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