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Capricorn release annual report for the year ended 31 December 2023

London, 17 April 2024, (Oilandgaspress): – Capricorn announces that its annual report and accounts for the year ended 31 December 2023 (the “Report and Accounts”) and a notice of annual general meeting (the “Notice”) are today being posted to shareholders. The Notice convenes the 2024 Annual General Meeting (the “AGM”), which will be held at The Cellar Room, Kimpton Charlotte Square Hotel, 38 Charlotte Square, Edinburgh EH2 4HQ at 11.00 a.m. on Thursday, 23 May 2024.

Capricorn is pleased to report that the Notice that is being posted today sets out further details of the 2024 Return of Cash and related matters.

Pursuant to the 2024 Return of Cash, Capricorn will pay a special dividend of approximately US$50 million (c.£39.35 million) to shareholders and complete a consolidation of Capricorn’s ordinary share capital. The special dividend is expected to be paid on 7 June 2024 to those on the register at 6.00 p.m. on 23 May 2024.

The Share Consolidation will reduce the number of Capricorn’s issued ordinary shares by an amount that reflects the value of the 2024 Return of Cash to shareholders relative to the market capitalisation of Capricorn prior to the 2024 Return of Cash. The aim of this is to ensure, so far as possible, the market price of an ordinary share remains approximately the same before and after the proposed 2024 Return of Cash and to maintain comparability of historical and future per share data. The Share Consolidation will reduce the number of ordinary shares in Capricorn which shareholders own, but not the proportion (subject to allowance for fractional entitlements).

Board Changes

Capricorn further announces that Craig van der Laan, who has been Non-Executive Chair since February 2023, has decided not to stand for re-election and will cease to hold office as Chairman and as a Director at the conclusion of the AGM. From the conclusion of the AGM, Maria Gordon, Non-Executive Director, will become the Company’s Non-Executive Chair (subject to re-election by shareholders).


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