Capricorn Energy PLC (LSE:CNE, ISIN GB00BRJ7R218) announced today that New York-based Newtyn Management, LLC has increased its voting rights from 12.27% to 13.09%. The change, equivalent to a total of 12,354,001 direct voting rights attached to shares, was triggered without the involvement of financial instruments. The Financial Conduct Authority approved these changes and no proxy voting occurred.
Newtyn Management controls two entities: Newtyn Partners, LP and Newtyn TE Partners, LP, both exceeding the notifiable threshold with 6.58% and 6.51% voting rights respectively. The process was finalized in New York, NY USA.
Earlier today, Capricorn Energy, an operator in Egypt's energy sector, deferred its Detailed Operational Update initially slated for November 30, 2023. The delay is due to ongoing technical and commercial work necessary for a full portfolio update. Concurrently, the company is holding discussions with key partners including the Egyptian General Petroleum Company and a Joint Venture partner concerning their planned activities for 2024.
The rescheduled date for the update will be released in early 2024. Stakeholders can direct inquiries to Nathan Piper, Commercial Director or Diana Milford from Corporate Affairs. Despite the delay, Capricorn remains dedicated to providing a detailed update to its stakeholders. The company holds a promising portfolio of onshore exploration, development, and production assets in Egypt's Western Desert.
InvestingPro Insights
With the recent developments at Capricorn Energy PLC, it's essential to consider some key financial insights. According to InvestingPro, the management of Capricorn has been actively buying back shares, which often indicates a belief in the company's undervalued status or a desire to consolidate control. In addition, Capricorn holds more cash than debt on its balance sheet, a sign of robust financial health. However, it's crucial to note that the company has been rapidly depleting its cash reserves.
From a valuation perspective, Capricorn is trading at a low Price/Book multiple and a low revenue valuation multiple. These metrics suggest the stock may be undervalued, especially considering that its liquid assets exceed short-term obligations. Despite these positive indicators, analysts do not anticipate the company will be profitable this year.
These are just a few of the many insights available through InvestingPro's comprehensive financial analysis tools. For a more in-depth look at Capricorn Energy PLC and other companies, consider exploring InvestingPro's additional tips and data.
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