The analysts noted that Capricorn's previous all-share merger transaction with Tullow Oil PLC (LSE:TLW) now falls away and, subject to shareholder approval and receipt of various consents, the combination with NewMed will complete in 1Q23. They pointed out that the NewMed deal values cum-div Capricorn at 271p per share - or 99p ex-dividend - and will result in Capricorn shareholders owning 10.3% of the enlarged group. The Peel Hunt analysts said their analysis points to a Capricorn standalone NAV (net asset value) of 293p. In late trading on Monday, Capricorn shares were trading at 248p.