Capricorn confirms approaches from Saudi group – Daily Business

Capricorn Energy began as Cairn Energy and is still based in Edinburgh

Capricorn Energy, the Edinburgh company focused on north Africa, has confirmed it has received a number of unsolicited non-binding proposals from a Saudi investment group.

Alamadiyaf al-Masiyyah, a member of the Cafani Group,  has approached the Edinburgh company about a possible all-cash offer.

Shares in Capricorn Energy, which was launched as Cairn Energy by former Scottish rugby international Sir Bill Gammell, closed 6.4% higher, valuing the company at about £190 million. In early trade today the price fell back by 2.4% to 276.25p

In a statement to the stock market just before last night’s close, the board said that after discussing the offer with its financial and legal advisers it has provided due diligence access to Alamadiyaf al-Masiyyah.

Discussions with Alamadiyaf al-Masiyyah are ongoing and the Capricorn Energy board is seeking clarity around its funding arrangements. It said there can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer.

Under UK takeover rules a firm offer must be announced by April 8, 2026.

Shareholders have been advised to take no action in respect of the possible offer and a further announcement will be made “as and when appropriate”.

#Capricorn #confirms #approaches #Saudi #group #Daily #Business