LONDON, January 16, 2023 /PRNewswire/ — VR Global Partners, LP (“VRGP“), holds 6,544,661 ordinary shares in Capricorn Energy PLC (LSE: CNE) (“Capricorn energy“or”Company“), representing an ownership interest of approximately 2.0%, today announced its intention to vote AGAINST the proposed business combination between Capricorn Energy and NewMed Energy LP.
VRGP believes that the company’s arguments in favor of the merger are not entirely convincing and that proceeding with the transaction would have a devastating effect on shareholder value. VRGP finds the current board’s intransigence in the face of opposition from many of its key shareholders puzzling and disturbing.
VRGP intends to vote on Palliser Capital’s proposed changes to the composition of the Company’s board of directors. VRGP believes that the replacement of the existing, entrenched board with a reconstituted, impartial board will allow the terms of the proposed transaction to be reviewed impartially and with a view to maximizing stockholder 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 to emerging markets. VR Capital has offices New York and London and its investment advisory subsidiaries are regulated by the US Securities and Exchange Commission and the UK Financial Conduct Authority.
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SOURCE VR Capital Group