DNO Offer Court and General Meetings Adjourned
Court and General Meetings for DNO Offer adjourned indefinitely following board recommendation of increased Genel offer.
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On 2 July 2026, the board of directors of each of Genel Energy No.9 Limited ("Bidco") and the Company announced that they had reached agreement on the terms of a recommended acquisition by Bidco of the entire issued and to be issued share capital of the Company (the "Genel Offer"). Following the announcement of a competing offer for the Company by DNO Bidco AS on 1 September 2026 (as revised on 17 September 2026) (the "DNO Offer"), Genel approached the Company with an increased proposal and on 25 September 2026, an announcement was made regarding an increased offer from Bidco to acquire the entire issued and to be issued share capital of the Company (the "Increased Genel Offer"). The scheme document in relation to the DNO Offer was published on 21 September 2026 (the "DNO Scheme Document").
In light of the Capricorn Directors' recommendation of the Increased Genel Offer, the Capricorn Directors have withdrawn their recommendation of the DNO Offer and, accordingly, announced on 25 September 2026 that it was proposed that the Court Meeting and the General Meeting required to implement the DNO Offer be adjourned indefinitely.
Adjournment
The Capricorn Directors confirm that the Court Meeting and the General Meeting required to implement the DNO Offer were adjourned indefinitely earlier today.
Capitalised terms used but not defined in this announcement have the meanings given to them in the DNO Scheme Document.
The Acquisition is made solely by means of the Scheme Document which, together with the Forms of Proxy, contains the full terms and conditions of the Acquisition. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and the release of this announcement shall not give rise to any implication that there has been no change in the facts set out in this announcement since such date.
Scheme process
In accordance with Section 5 of Appendix 7 to the City Code, Capricorn or Genel Bidco (as applicable) will announce through a Regulatory Information Service key events in the Genel Scheme process, including that the Genel Scheme has become effective.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.