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  "documentTitle": "Capricorn Energy PLC (CNE)",
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  "notes": "Uses bulleted lists to systematically dismantle the logic of the proposed merger.",
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      "text": "The proposed exchange ratio currently values Capricorn at a 42% discount to its fair market value on an ex-dividend basis representing a value give-away of over US$200 million",
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      "text": "The terms of the NewMed transaction materially undervalue Capricorn's high-quality, opportunity-rich Egyptian assets and low-risk contingent receivables",
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      "text": "Plenty of Low-Risk Value Still Left on the Table",
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