Capricorn Energy extends Alamadiyaf al-Masiyyah offer deadline to May

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Capricorn Energy PLC on Wednesday extended the deadline to receive a firm offer from Alamadiyaf al-Masiyyah for Trading LLC to May, after saying that it has received multiple unsolicited takeover proposals.

The previous deadline for Alamadiyaf al-Masiyyah to make a firm offer or walk away would have expired today at 5pm London time, according to UK takeover rules.

Alamadiyaf al-Masiyyah is a member of the Cafani Group, a privately owned Saudi investment company headquartered in Jeddah, Saudi Arabia, with a business scope spread across the Middle East, Asia, Africa, Europe and the US.

The new deadline, set for May 6, will give the Cafani Group member almost a month to progress its funding arrangements as requested, Capricorn said. The Edinburgh-based fuel producer provided Alamadiyaf al-Masiyyah with due diligence access earlier this year after evaluating multiple proposals.

Capricorn Energy shares were up 3.2% to 325.00 pence each on Wednesday afternoon in London.

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