Shareholders of Capricorn Energy plc (LSE: CNE) approved a recommended cash acquisition by Genel Energy No.9 Limited, a subsidiary of Genel Energy plc, under a Court-sanctioned scheme of arrangement. The transaction, first announced on July 2, 2026, received overwhelming support at meetings held on August 18, 2026.
At the Court Meeting, 93.33% of scheme shareholders present and voting approved the deal, representing 99.80% of the scheme shares voted. Of the 195 votes cast, 182 were in favor and 13 against. At the General Meeting, the resolution to implement the scheme passed with 38,057,219 votes in favor—99.80% of votes cast—and 74,793 votes against.
The total issued share capital of Capricorn Energy at the record date was 71,403,652 shares, with 53.45% of eligible shares participating in the vote. The acquisition remains subject to additional conditions, including court sanction, Egyptian regulatory approvals, and the satisfaction or waiver of remaining outstanding terms.
Genel Energy expects the scheme to become effective in the second half of 2026, pending completion of all required conditions.
