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  "documentTitle": "Capricorn Energy PLC (CNE)",
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  "authorName": "Palliser",
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  "presentationDate": "2022-10-27 00:00:00",
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  "notes": "The slide serves as a final summary of the activist's case, highlighting executive self-interest and proposing an alternative valuation path.",
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      "text": "If a superior transaction at fair value is not available within a short and defined time-frame, then we urge the Board to pursue our Value Optimisation Plan, which is designed to unlock: (a) Capricorn's intrinsic value of 315 pence per share in the near term; and (b) a further 85 pence per share over the medium term resulting in total value of up to 400 pence per share for Capricorn shareholders",
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      "text": "The potential US$30 million cash payout, largely to senior executives, is alarming when assessed against the chronic underperformance, pervasive misallocation of capital, culture of excessive pay and track record of wasteful administrative spend that these same executives have been accountable for over the past decade",
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      "text": "In our view, US$620 million in idle cash continues to sit on the balance sheet as a means to coerce Capricorn shareholders into approving the NewMed transaction",
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      "text": "On its current terms, the NewMed transaction is not in Capricorn shareholders' interests",
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      "text": "Rather than undertake a comprehensive strategic review supported by a formal sales process as Palliser had previously suggested to the Company, the Board has recommended another self-serving deal where C-suite interests are being prioritised at the expense of long-suffering Capricorn shareholders",
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      "text": "With the benefit of independent third-party input, our analysis lays bare the extent of shareholder value that the Capricorn Board has once again agreed to surrender as part of the NewMed transaction",
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