Capricorn Energy and NewMed Energy have announced a proposed merger.
The combination will result in Capricorn shareholders holding approximately 10.3% of the share capital of the group, with NewMed unit holders, together with NewMed's current general partner, holding in aggregate approximately 89.7%.
The group will trade under the name NewMed Energy and expects to retain its existing Premium Listing on the London Stock Exchange. The Israeli company intends to implement a listing of its entire issued share capital on the Tel Aviv Stock Exchange as soon as possible after completion. It is expected that FTSE indexation will also be maintained.
