Slaughter and May is advising Capricorn Energy PLC on its recommended all-share combination with Tullow Oil PLC

Slaughter and May is advising Capricorn Energy PLC (Capricorn) on its recommended all-share combination with Tullow Oil PLC (Tullow).

It is intended that the combination will be implemented by means of a Court-sanctioned scheme of  arrangement, where Tullow will acquire all of the issued and to be issued Capricorn shares. Under the terms of the combination, each Capricorn shareholder will be entitled to receive 3.8068 new Tullow shares for each Capricorn share it holds. On completion of the combination, Capricorn shareholders will hold approximately 47 per cent. of the combined group (on a fully diluted basis) and Tullow shareholders will hold approximately 53 per cent. of the combined group (on a fully diluted basis).

The combination is conditional on various matters, including shareholder approval by both Tullow and Capricorn and any necessary regulatory approvals. The combination is expected to complete during the fourth quarter of 2022.