Following today’s General Meeting, Capricorn confirms the appointment of six new members of the Board of Directors (“the Board”): Chris Cox, Maria Gordon, Richard Herbert, Hesham Mekawi, Tom Pitts, and Craig van der Laan. The new directors join sitting members Catherine Krajicek and Erik B. Daugbjerg to form a reconstituted Board.

Subsequently, the new Board met to agree immediate priorities and appointed Craig van der Laan as Capricorn’s Chair, Chris Cox as Capricorn’s Interim CEO and Richard Herbert as Senior Independent Director.

The Board will be conducting a comprehensive strategic review of Capricorn’s business and the several potential directions for the future of the Company. These will be evaluated from the perspective of both maximising the Company’s value and acting in the best interests of all stakeholders.  We will update the market as and when those discussions have concluded.

The Board also recognises matters that require immediate attention, including the adjourned shareholder meeting on the proposed NewMed transaction and plans to consider a significant distribution of cash to shareholders in excess of operating requirements. The decision by the previous Board to adjourn the General Meeting to seek shareholder approval for the NewMed transaction, currently planned for 22 February 2023, provides an opportunity for the current Board to evaluate the merits of the transaction and determine the best path forward/make a recommendation to shareholders.

Craig van der Laan, Capricorn Chair, said,
“It is a privilege to have the opportunity to Chair Capricorn at an important point in the Company’s history. Each new member of the Board joined Capricorn because we believe in the Company’s potential and see untapped opportunities to maximise value.

This transition presents an opportunity for a fresh start: to identify what the Company needs without preconceptions. As a first step to achieve this goal, we will conduct a thorough review of all available strategic directions before we determine the best path forward.

On behalf of the Board, I would also like to thank Simon Thomson, who leaves the Company today, for his contribution to this organisation over the last 27 years and wish him well in his future endeavours.”

At today’s meeting, membership of Capricorn’s Board committees was also confirmed as follows:

Nomination and Governance Committee

• Craig van der Laan – Chair
• Maria Gordon
• Richard Herbert
• Hesham Mekawi

Audit Committee

• Tom Pitts – Chair
• Maria Gordon
• Richard Herbert
• Catherine Krajicek

Remuneration Committee

• Maria Gordon – Chair
• Tom Pitts
• Erik B. Daugbjerg

Sustainability Committee

• Catherine Krajicek - Chair
• Hesham Mekawi
• Erik B. Daugbjerg

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