European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Tullow/Capricorn: Unsuitable on Current Terms

NewMed Energy/Capricorn: Agreed Reverse Takeover, Bye Bye Tullow

NewMed Energy/​Capricorn: Positive Spread

Event-Driven

<ul>
<li>Tullow offers 3.8068 shares per Capricorn share in a transaction meant to repair Tullow's balance sheet and develop both Tullow's and Capricorn's assets in a supportive crude price environment.</li>
<li>Although Tullow's share price has declined by 95% over the last ten years, the company has managed to remain as a going-concern due to a successful restructuring in 2021.</li>
<li>It is not completely clear that Capricorn's shareholders will vote the scheme. Their shares are worth 6% more than the shares to be received under the exchange equation.</li>
</ul>


Tullow offers 3.8068 shares per Capricorn share in a transaction meant to repair Tullow's balance sheet and develop both Tullow's and Capricorn's assets in a supportive crude price environment.
Although Tullow's share price has declined by 95% over the last ten years, the company has managed to remain as a going-concern due to a successful restructuring in 2021.
It is not completely clear that Capricorn's shareholders will vote the scheme. Their shares are worth 6% more than the shares to be received under the exchange equation.


Tullow Oil/Capricorn Energy: Lowering Leverage