Business
Capricorn Energy plc - deadline for clarification
The Takeover Panel has ruled that Alamadiyaf al-Masiyyah and Samos must announce by 5:00 PM on August 11, 2026, whether they intend to make a firm offer for Capricorn Energy PLC, seven days before Capricorn's shareholder meetings on August 18, 2026, to approve the recommended all-cash acquisition by Genel Energy. Capricorn had previously received multiple proposals from Alamadiyaf al-Masiyyah and a recent proposal from Samos, while also progressing with the Genel acquisition announced on July 2, 2026. All parties have accepted this ruling. Disclaimer*
About this update from Genel Energy Plc
2026/10 CAPRICORN ENERGY PLC ("CAPRICORN") ALAMADIYAF AL-MASIYYAH FOR TRADING LLC ("ALAMADIYAF AL-MASIYYAH") GENEL ENERGY NO.9 LIMITED ("GENEL") SAMOS ENERGY LTD ("SAMOS") On 11 March 2026, Capricorn announced that it had received multiple proposals from Alamadiyaf al-Masiyyah regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn. On 2 July 2026, the boards of Genel and Capricorn announced that they had reached agreement on the terms of a recommended all cash offer pursuant to which Genel would acquire the entire issued and to be issued ordinary share capital of Capricorn (the " Genel Acquisition "). On 21 July 2026, Capricorn published a scheme circular in relation to the Genel Acquisition, including a notice of the shareholder meetings to approve the Genel Acquisition which have been convened for 18 August 2026 (the " Shareholder Meetings "). On 22 July 2026, Capricorn announced that it had received a proposal from Samos regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn. Pursuant to Section 4 of Appendix 7 of the Takeover Code, the Executive has ruled that, unless the Executive consents otherwise, Alamadiyaf al-Masiyyah and Samos must by 5.00pm on 11 August 2026, being the seventh day prior to the date of the Shareholder Meetings, either announce a firm intention to make an offer for Capricorn in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capricorn. Each of Capricorn, Alamadiyaf al-Masiyyah, Genel and Samos has accepted this ruling. 24 July 2026