Shareholders in Capricorn Energy have overwhelmingly backed the company’s proposed takeover by Genel Energy, moving the deal a step closer to completion.
The Edinburgh-headquartered energy company announced that investors had approved the recommended cash acquisition at separate Court and General Meetings held on Tuesday.
The deal, first announced on July 2, will see Genel Energy acquire Capricorn’s entire issued and to-be-issued share capital through its indirectly owned subsidiary Genel Energy No.9 Limited.
The acquisition is being carried out through a court-sanctioned scheme of arrangement.
At the Court Meeting, 182 shareholders voted in favour of the deal and 13 against, meaning 93.33% of those voting backed the transaction. Those supporting the acquisition represented 38,086,234 shares, equivalent to 99.80% of the shares voted at the meeting.
The deal received similarly strong backing at the General Meeting, where 38,057,219 votes, or 99.80%, were cast in favour of implementing the scheme, compared with 74,793 votes against.
The shareholder votes satisfy two of the conditions required for the acquisition to proceed.
However, completion remains subject to several outstanding conditions, including court sanction of the scheme and regulatory conditions relating to Egypt.
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The UK's flagship share index, the FTSE 100, was xx at xx shortly after opening this morning.
Brent crude oil futures were up 0.51%, sitting at $91.48 a barrel this morning.
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