(Reuters) – Proxy advisor Glass Lewis recommended Capricorn Energy’s shareholders vote to overhaul its board, including the chief executive, and against its proposed merger with Israel’s NewMed Energy, activist investor Palliser said on Monday.
The recommendations come ahead of meetings on Feb. 1, where Capricorn shareholders will cast votes on the proposed merger a few hours ahead of voting on replacing seven directors following a proposal by Palliser.
The recommendations by Glass Lewis come days after proxy adviser Institutional Shareholder Services (ISS) recommended Capricorn shareholders should vote to remove the Chief Executive Simon Thomson, finance chief James Smith and five others from the board.
Glass Lewis did not immediately respond to a request to share their report.
Palliser has put its tally of support for its proposals to overhaul the board of the British oil and gas producer at over 40% of shareholders, including some of Capricorn’s biggest shareholders such as Madison Avenue, which have already declared their voting intentions.
Both votes will be decided by a simple majority of shares represented at the meeting.
(Reporting by Muhammed Husain in Bengaluru and Shadia Nasralla; Editing by Savio D’Souza and Emelia Sithole-Matarise)
