Capricorn board row

A ROW at Capricorn Energy escalated even as it offered an olive branch to one of its main critics.

The oil and gas explorer said it was willing to add ‘a number’ of members put forward by activist investor Palliser to its board while it pursues a merger with NewMed that has faced opposition from shareholders.

Palliser, which is Capricorn’s third-biggest shareholder and has spoken out against the proposed merger, last month called for a general meeting to vote on removing seven Capricorn directors.

Capricorn agreed to add Palliser’s nominees to the board. But now Madison Avenue Partners, Capricorn’s biggest shareholder at around 8pc, has said it ‘intends to vote for the Palliser slate of directors, against the current directors, and against the merger proposal’.