Palliser and some of Capricorn's biggest shareholders had also publicly opposed a planned merger with Israeli gas producer NewMed (NWMDp.TA), with major proxy advisers recommending votes against the merger plan and Capricorn's board. Chairperson Nicoletta Giadrossi, CEO Simon Thomson and three other directors stepped down from the board with immediate effect, Capricorn said on Tuesday. NewMed said in a statement following Capricorn's board shake-up that it saw a significantly smaller chance of finalising the merger. Capricorn postponed the NewMed vote to Feb. 22, while the meeting called by Palliser regarding the directors will go ahead as planned. The NewMed merger plan, announced in September, aims to create an Israel-Egypt focused gas producer, but several shareholders have said the deal undervalues Capricorn.

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