Capricorn Energy plc’s new board appointed this week is expected to undertake a comprehensive strategic review of the business and potential directions for its future.
NEW BOARD
In the general meeting on 1 February, which was requisitioned by shareholder Palliser Capital Master Fund, six new members of the board were appointed each with 99.2% support.
The new directors include Chris Cox, Maria Gordon, Richard Herbert, Hesham Mekawi, Tom Pitts, and Craig van der Laan, who will all join sitting members Catherine Krajicek and Erik B. Daugbjerg.
Outgoing chief executive officer Simon Thomson left the company on the same day.
The board appointed Mr Laan as chairman, Mr Cox as interim CEO and Mr Herbert as senior independent director.
“It is a privilege to have the opportunity to chair Capricorn at an important point in the company’s history,” said Mr Laan.
“Each new member of the board joined Capricorn because we believe in the company’s potential and see untapped opportunities to maximise value.”
NEWMED MERGER
The general meeting on the proposed merger with Israeli firm NewMed Energy Ltd was adjourned to 22 February, giving the board time to evaluate the transaction and make a recommendation to shareholders, said Capricorn.
“This transition presents an opportunity for a fresh start: to identify what the company needs without preconceptions,” added Mr Lann.
“As a first step to achieve this goal, we will conduct a thorough review of all available strategic directions before we determine the best path forward.
“On behalf of the board, I would also like to thank Simon Thomson for his contribution to this organisation over the last 27 years and wish him well in his future endeavours.”
COMMITTEE MEMBERS
Membership of Capricorn’s board committees was also confirmed at the same meeting.
Craig van der Laan – chair, Maria Gordon, Richard Herbert and Hesham Mekawi sit on the nomination and governance committee.
Tom Pitts – chair, Maria Gordon, Richard Herbert and Catherine Krajicek (audit).
Maria Gordon – chair, Tom Pitts and Erik B. Daugbjerg (remuneration).
Catherine Krajicek – chair, Hesham Mekawi and Erik B. Daugbjerg (sustainability).