On January 2, 2023, Irenic Capital Management reported that it supports Palliser Capital Master Fund Limited's decision to requisition a general meeting of Capricorn Energy plc's shareholders, whereat they will have an opportunity to vote on the removal and replacement of members of the Board of Directors. Irenic Capital stated that it agrees with Palliser Capital that the Company's leadership has been dismissive of investor feedback and, in turn, has lost the confidence of shareholders. Irenic Capital added that it strongly opposes the Company's currently proposed merger with NewMed Energy Limited Partnership.

Irenic Capital stated that it is time for the Company to benefit from new leadership that is committed to embracing shareholder input and pursuing value-maximizing strategies that are superior to the proposed merger.