Delek Group Ltd. (TASE:DLEKG) device NewMed Vitality (TASE: NWMD) (previously Delek Drilling) approach to listing on the London Stock Trade by a reverse merger with Uk business Capricorn Electrical power plc, which is previously publicly traded there, has been thrown into doubt.




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Capricorn plc nowadays notified NewMed Strength, mled by CEO Yossi Abu, about significant changes in the firm’s management, although up coming week’s discussions by the board of administrators about the merger has been postponed. Capricorn’s go drastically decreases the likelihood in NewMed Energy’s estimation that the merger it reported at the end of September will go ahead.

As part of the merger settlement, Capricorn was supposed to distribute to its shareholders a special dividend in money and associated payments, amounting to $620 million pounds. Capricorn would then offer you 2.337344 new shares for just about every NewMed participation unit held. Less than this ratio, the homeowners of the present units of New-Med would maintain 89.7% of the shares of the consolidated company, while the shareholders of Capricorn would keep the remaining 10.3%. Hence, the partnership will grow to be a personal corporation completely owned by Capricorn.

Five of Capricorn’s 9 directors resigned yesterday. Considering the fact that the merger arrangement was made in September, Capricorn’s share value has risen 16%, supplying it a market place cap of $950 million.

NewMed Electrical power said that Capricorn had stated that the board of administrators assembly to talk about the merger had been postponed by a few months to give the new board customers an chance to evaluation the deal and look at options.


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