Capricorn Energy soars after merger

The British oil company’s share price jumps after the announced merger with Newmed Energy.

Photo: Colourbox

UK-based oil and gas company Capricorn Energy advances in London trading after revealing a forthcoming merger with Israeli Newmed Energy.

Per the deal, Capricorn’s current shareholders will be paid a dividend of GBP 1.72 per share.

Moreover, Capricorn gains an equity position of 10.3% in the combined enterprise, thus setting the value of the British firm’s shares to GBP 0.99 a piece.

Combined, the transaction leaves Capricorn’s share price worth GBP 2.71.

Thursday at noon, the company’s stock sold at GBP 2.5, equating to a 4.3% appreciation against ended trading hours the day prior.

Newmed is up by 0.2% on the Tel Aviv exchange.

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