Further extension of PUSU deadline
Capricorn Energy PLC announced a further extension of the deadline for Alamadiyaf al-Masiyyah to make a firm offer for the company, now set for 5:00 p.m. London time on July 1, 2026, to allow for continued progress on funding arrangements. This announcement, falling under Rule 2.4 of the City Code on Takeovers and Mergers, does not constitute a firm intention to make an offer, and there is no certainty that an offer will be made or on what terms. Capricorn Energy remains in an "Offer Period" as defined by the Code.
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On 11 March 2026, the Board of Directors of Capricorn Energy announced that it had received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah for Trading LLC ("Alamadiyaf al-Masiyyah"), a member of the Cafani Group, regarding a possible all cash offer to acquire the entire issued and to be issued share capital of the Company (the "Possible Offer").
On 6 May 2026, the Company announced a further extension of the deadline by which Alamadiyaf al-Masiyyah was required either to announce a firm intention to make an offer for Capricorn Energy in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for Capricorn Energy, to 5.00 p.m. (London time) on 3 June 2026 (the "PUSU Deadline") in order to allow further time for Alamadiyaf al-Masiyyah to progress its funding arrangements.
Alamadiyaf al-Masiyyah continues to progress its funding arrangements and, accordingly, the Company has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, a further extension of the PUSU Deadline in accordance with Rule 2.6(c) of the Code.
Alamadiyaf al-Masiyyah is now required, by not later than 5.00 pm (London time) on 1 July 2026 (the "Revised PUSU Deadline"), either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This Revised PUSU Deadline may be further extended by the Company with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.