January 16, 2023
Update on Proposed business combination with Capricorn Energy PLC ("Capricorn")
We note the issuance of the circular by Capricorn on 13 January 2023, ahead of its General Meeting on 1 February 2023, to which NewMed Energy - Limited Partnership ("NewMed") would reiterate that it continues to believe that the current terms and conditions of the proposed business combination with Capricorn are the most compelling option for all relevant stakeholders. The proposed business combination will create a company with a differentiated, gas-led business of scale, offering growth, regular returns to shareholders and a path through the energy transition, with a longer-term position in renewables and the hydrogen economy. Accordingly, NewMed is continuing to promote the proposed business combination, on its existing terms, on a best and final basis, and is working together with Capricorn to obtain the required approvals with the aim of bringing the business combination to the vote of its unitholders at a General Assembly in the first quarter of 2023.
Regardless, together with its advisers, NewMed will continue to consider its alternative strategic options, with the objective of maximising value for its unitholders.
Ends
| NewMed Energy |
+972 (0) 9 9712424 |
| Yossi Abu |
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| Guil Bashan |
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| Nadav Perry |
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| J.P. Morgan (Financial Adviser to NewMed) |
+44 (0)20 7742 4000 |
| Yoni Hornik |
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| Daniele Apa |
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| Jamie Riddell |
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| Camarco |
+44 (0)20 3757 4980 |
| Billy Clegg |
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| Owen Roberts |
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| Violet Wilson |
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