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  "documentTitle": "Capricorn Energy PLC (CNE)",
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  "authorName": "James Smith",
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  "notes": "This is a formal letter from an activist investor (Palliser) to a Board of Directors.",
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      "kind": "callout",
      "text": "Every day that the Board fails to take action serves only to exacerbate the level of value destruction that Capricorn shareholders are faced with.",
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      "text": "In the circumstances, we believe that the best way forward is for you, the members of the Capricorn Board, to immediately withdraw your recommendation for the Proposed Merger and instead to initiate a transparent and meaningful strategic review",
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      "text": "For and on behalf of Palliser Capital (UK) Ltd. James Smith, Chief Investment Officer.",
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      "text": "The Proposed Merger is not worth pursuing. Shareholders' interests would be better served by returning surplus net cash to shareholders.",
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      "text": "“is the most attractive transaction available” — Capricorn Board; “either return it or do something else with it” — Capricorn CEO",
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