Edinburgh-based Capricorn Energy said on Wednesday the deadline for Alamadiyaf al-Masiyyah for Trading LLC, a member of the Cafani Group, to make a formal takeover offer for Capricorn has been extended to May 6.
Capricorn said there can be no certainty that any firm offer will be made.
The Edinburgh firm has a stock market value of about £225 million.
“On 11 March 2026, the Board of Directors of Capricorn Energy announced that it had received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah for Trading LLC, a member of the Cafani Group, regarding a possible all cash offer to acquire the entire issued and to be issued share capital of the Company,” said Capricorn.
“In accordance with Rule 2.6(a) of the Code, Alamadiyaf al-Masiyyah was required by no later than 5.00 pm (London time) on 8 April 2026 either to announce a firm intention to make an offer for Capricorn Energy in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capricorn Energy, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies (the PUSU Deadline).
“In order to allow further time for Alamadiyaf al-Masiyyah to progress its funding arrangements, the Company has requested, and the Panel on Takeovers and Mergers has consented to, an extension of the PUSU Deadline in accordance with Rule 2.6(c) of the Code.
“Accordingly, Alamadiyaf al-Masiyyah is now required, by not later than 5.00 pm on 6 May 2026 (the Revised PUSU Deadline), either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
“This Revised PUSU Deadline may be further extended by the Company with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
“There can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer.
“A further announcement will be made as appropriate. In the meantime, shareholders are advised to take no action.
“The Company remains in an Offer Period as defined in the Code. Accordingly, the dealing disclosure requirements listed below will continue to apply.”