TIDMCNE
RNS Number : 6537O
Capricorn Energy PLC
01 February 2023
FOR IMMEDIATE RELEASE 1 February 2023
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
Capricorn confirms Six New Board Members, Appoints Craig van der
Laan as Chair and Chris Cox as Interim Chief Executive Officer
("CEO")
New Board to undertake Strategic Review
Following today's General Meeting, Capricorn confirms the
appointment of six new members of the Board of Directors ("the
Board"): Chris Cox, Maria Gordon, Richard Herbert, Hesham Mekawi,
Tom Pitts, and Craig van der Laan. The new directors join sitting
members Catherine Krajicek and Erik B. Daugbjerg to form a
reconstituted Board.
Subsequently, the new Board met to agree immediate priorities
and appointed Craig van der Laan as Capricorn's Chair, Chris Cox as
Capricorn's Interim CEO and Richard Herbert as Senior Independent
Director.
The Board will be conducting a comprehensive strategic review of
Capricorn's business and the several potential directions for the
future of the Company. These will be evaluated from the perspective
of both maximising the Company's value and acting in the best
interests of all stakeholders. We will update the market as and
when those discussions have concluded.
The Board also recognises matters that require immediate
attention, including the adjourned shareholder meeting on the
proposed NewMed transaction and plans to consider a significant
distribution of cash to shareholders in excess of operating
requirements . The decision by the previous Board to adjourn the
General Meeting to seek shareholder approval for the NewMed
transaction, currently planned for 22 February 2023, provides an
opportunity for the current Board to evaluate the merits of the
transaction and determine the best path forward/make a
recommendation to shareholders.
Craig van der Laan, Capricorn Chair, said,
"It is a privilege to have the opportunity to Chair Capricorn at
an important point in the Company's history. Each new member of the
Board joined Capricorn because we believe in the Company's
potential and see untapped opportunities to maximise value.
This transition presents an opportunity for a fresh start: to
identify what the Company needs without preconceptions. As a first
step to achieve this goal, we will conduct a thorough review of all
available strategic directions before we determine the best path
forward.
On behalf of the Board, I would also like to thank Simon
Thomson, who leaves the Company today, for his contribution to this
organisation over the last 27 years and wish him well in his future
endeavours."
At today's meeting, membership of Capricorn's Board committees
was also confirmed as follows:
Nomination and Governance Committee
-- Craig van der Laan - Chair
-- Maria Gordon
-- Richard Herbert
-- Hesham Mekawi
Audit Committee
-- Tom Pitts - Chair
-- Maria Gordon
-- Richard Herbert
-- Catherine Krajicek
Remuneration Committee
-- Maria Gordon - Chair
-- Tom Pitts
-- Erik B. Daugbjerg
Sustainability Committee
-- Catherine Krajicek - Chair
-- Hesham Mekawi
-- Erik B. Daugbjerg
ENDS
Enquiries to :
Analysts / Investors
David Nisbet, Corporate Affairs Tel: 0131 475
3000
Media
Jonathan Milne/Linda Bain, Corporate Affairs Tel: 0131 475
3000
Patrick Handley, David Litterick Tel: 0207 404
Brunswick Group LLP 5959
Notes to Editors
Information on the reconstituted Board follows and full
biographies of the appointees can also be found at
www.capricornenergy.com
Chris Cox
Chris Cox brings to the Board more than 40 years of experience
in the global oil and gas upstream sector. Having held various
senior roles with BG Group, Amerada Hess, and Chevron throughout
his career, Chris served most recently as CEO of Spirit Energy and
Managing Director of Centrica Plc. His advisory experience includes
serving as Non-Executive Chairman of Kellas Midstream from 2015 to
2020.
Chris Cox does not currently hold any Capricorn shares and no
further information in connection with his appointment is required
to be disclosed pursuant to Listing Rule 9.6.13R.
Maria Gordon
Maria has strong governance experience, having served as chair,
and senior director of various public companies. She currently
serves as Non-Executive Chair of Constellation Oil Services, an oil
services company based in Brazil. She has two decades of direct
investment experience in senior role leading teams at Goldman Sachs
and PIMCO. With that she brings considerable expertise in portfolio
management and equity and debt capital markets. In the past five
years, Maria has served as non-executive chair of Detsky Mir Group
and independent non-executive director of Evraz Plc. TCS Group
Holding PLC, Polyus PJCS; Moscow Stock Exchange; and ALROSA.
Maria Gordon does not currently hold any Capricorn shares and no
further information in connection with her appointment is required
to be disclosed pursuant to Listing Rule 9.6.13R.
Richard Herbert
An expert in operations, reservoir management and exploration,
with a background in negotiating complex commercial agreements with
governments and field partners, Richard Herbert served most
recently as CEO of Frontera Energy Corporation. Before that, he
served as BP's head of exploration and was a member of Talisman
Energy's executive team following nearly two decades at BP in
senior explorations and development positions. Richard is currently
an independent non-executive director of PGS ASA, and AIM-listed
Angus Energy Plc.
Richard Herbert does not currently hold any Capricorn shares and
no further information in connection with his appointment is
required to be disclosed pursuant to Listing Rule 9.6.13R.
Hesham Mekawi
Hesham Mekawi is an accomplished senior corporate executive who
brings to the Board more than 30 years of experience at BP, where
he served most recently as Regional President of BP North Africa.
Hesham previously held roles with BP and Amoco focused on financial
operations, strategic planning, economic analysis, and business
development, and also led the Egyptian side of the Egyptian British
Business Council from 2013 to 2020. Hesham is currently an
independent non-executive director of Alexandria Medical Center,
Egypt and independent non-executive director of Orange Egypt. In
the past five years, Hesham has been an independent non-executive
director of Telecom Egypt.
Hesham Mekawi does not currently hold any Capricorn shares and
no further information in connection with his appointment is
required to be disclosed pursuant to Listing Rule 9.6.13R.
Tom Pitts
Tom Pitts joins the Board with more than 25 years of investment
banking and private equity experience in public and private
markets. Currently a partner at LionRock Capital, Tom has held
senior leadership positions at firms including Credit Suisse,
Morgan Stanley, and D.E. Shaw. He has direct investment experience
in numerous emerging and frontier markets, including Vietnam,
Pakistan, Sri Lanka, Indonesia, and Laos, and previously served as
a Non-Executive Director of FC Internazionale Milano S.p.A from
2019 to 2021.
Tom Pitts does not currently hold any Capricorn shares and no
further information in connection with his appointment is required
to be disclosed pursuant to Listing Rule 9.6.13R.
Craig van der Laan
Craig van der Laan joins the Board with nearly three decades of
senior international executive experience across a wide range of
industries - including multinational public companies at FTSE100
and ASX20 level - with exposure to operations in more than 50
countries. Most recently serving as CEO of the New South Wales
Government's Barangaroo Delivery Authority, Craig previously held
several positions with the Brambles Group and senior executive and
advisory roles with the Westfield Group, Transurban Group, CIMIC
Group, Lend Lease Corporation, and the Foster's Group. Craig is
currently an independent non-executive director of Shape Australia
Corporation Limited, listed on the Australian Securities
Exchange.
Craig van der Laan does not currently hold any Capricorn shares
and no further information in connection with his appointment is
required to be disclosed pursuant to Listing Rule 9.6.13R.
For further information on Capricorn please see:
www.capricornenergy.com
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END
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