Capricorn Energy plc has confirmed it has received a proposal on a possible offer, of 381 pence per share, from private investor Samos Energy Ltd.
UNDERTAKINGS
The offer price, published on 22 July, is similar to the 2 July agreement between Capricorn and Genel Energy plc of US$4.74 (£3.57) for each share, comprising US$3.75 cash and special dividend of US$0.99.
Capricorn’s major shareholders, with an aggregate 27,749,043 shares equal to a total of 39.3% stake, made irrevocable undertakings to vote in favour of Genel’s offer.
“The proposal is subject to due diligence and discussions with Samos are ongoing,” said Capricorn.
“There can be no certainty that an offer will be made for the company, nor as to the terms of any such offer.”
The Scottish company has also been under a possible cash offer for some months from its initial suitor, Alamadiyaf al-Masiyyah for Trading LLC, which has an extended PUSU deadline of 29 July 2026.
Capricorn has joint venture oil and gas interests in the Western Desert, Egypt.
Samos holds upstream infrastructure including the Jasmine and Lewek Emas floating production, storage and offloading vessels, the West Desaru mobile offshore production unit, and the floating storage and offloading Suksan Salamander vessel.
The company states that the vessels are operating under charter agreements in Thailand, Vietnam and Malaysia.
Samos’ parent company is US investment firm Amerocap LLC.