Capricorn Energy has announced an extension of the potential deadline for the acquisition deal with a Saudi investor who intends to purchase the company for cash.

In a statement released this morning, the company said that Alamadiyaf Al-Masiyyah, part of the Cafani Group from Jeddah, is continuing its efforts to secure financing for the possible acquisition of Capricorn.

The Takeover Panel has approved a further extension of the "Put up or Shut up" (PUSU) deadline in accordance with the UK Takeover Code. The PUSU deadline sets a specific timeframe for a potential buyer to either make a firm offer for the acquisition or withdraw from the deal, as required by UK law.

Al-Masiyyah is now required by 5:00 p.m. UK time on July 29 to either announce a firm intention to make an offer for Capricorn or declare that it will not proceed with such an offer. This deadline may be further extended with the consent of the Takeover Panel, in line with the UK Takeover Code.

In March, Capricorn reported receiving several non-binding proposals from Al-Masiyyah regarding a possible cash acquisition of the company’s entire share capital.

The PUSU deadline has already been extended once: on June 3, Capricorn gave Al-Masiyyah until 5:00 p.m. on July 1 to announce its intentions regarding the deal.

The company noted that there is no certainty a firm offer will be made. Shareholders are advised to take no action until further information is provided.

Following trading on June 30, Capricorn shares rose by approximately 3.15% to £2.95 on the London Stock Exchange. The company’s share price has been climbing in recent months since the March announcement of a potential takeover.