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  "documentTitle": "Capricorn Energy PLC (CNE)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-27 00:00:00",
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  "pageNumber": 21,
  "pageCount": 30,
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  "density": "dense",
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  "notes": "Uses a combination of bar chart for FCF and floating bubbles for headcount/compensation metrics.",
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      "kind": "callout",
      "text": "Capricorn appears to be a company run for the benefit of its executives and staff and to the detriment of shareholders",
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      "kind": "chart",
      "text": "Free Cash Flow vs. Staff Costs & Administrative Expenses since Cairn India Exit (US$ million)",
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      "text": "Capricorn's portfolio today represents a listed investment vehicle with a non-operated financial interest in a single joint venture in Egypt. The Company has not operated a single producing asset for over a decade yet headcount has remained at broadly the same level since 2013. Capricorn's poor relative performance cannot possibly justify senior management's substantial pay packages. The CEO and CFO have been paid a collective £25 million (US$34 million) since they took on their respective roles despite overseeing US$1.3 billion of cumulative free cash flow losses since the sale of Cairn India",
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      "text": "Free Cash Flow: £25 million",
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      "kind": "source-note",
      "text": "Source: Company disclosures. (1) Cumulative reported remuneration converted to US$ at average annual exchange rate. (2) Calculated as sum of reported annual net cash flows from operating activities less net cash flows from investing activities. (3) Recurring departmental expenses and corporate projects; excludes expenses associated with Indian tax arbitration, costs incurred on business combination or any other one-off items",
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      "kind": "title",
      "text": "A Culture of Excessive Pay and Wasteful Administrative Spend",
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      "evidence": "Contrasts executive pay with negative free cash flow performance.",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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