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Disappointing? Corrupt I'd say. Massive drop on hardly any volume but thats AIM for you.
4 months worth of uptrend taken apart in 2 days... disappointing to say the least.
Since Chairman said a week ago that blvn is well placed to deliver shareholder value it's lost 15%. Good job we're in a good place then!!
Nice to see Merrill Lynch as a holder now with 10 million shares.. https://markets.ft.com/data/equities/tearsheet/profile?s=BLVN:LSE
http://www.heraldscotland.com/business_hq/15649349.Bowleven_bosses_claim_board_purge_paid_off/
rule 29 ,seems to connect to rule 27 and then 14 , indicating a reverse takeover ,am i looking at this all wrong
Reverse takeovers 14. A reverse takeover is any acquisition or acquisitions in a twelve month period which for an AIM company would: � exceed 100% in any of the class tests; or � result in a fundamental change in its business, board or voting control; or � in the case of an investing company, depart materially from its investing policy (as stated in its admission document or approved by shareholders in accordance with these rules). Any agreement which would effect a reverse takeover must be: � conditional on the consent of its shareholders being given in general meeting; � notified without delay disclosing the information specified by Schedule Four and insofar as it is with a related party, the additional information required by rule 13; and � accompanied by the publication of an admission document in respect of the proposed enlarged entity and convening the general meeting. Where shareholder approval is given for the reverse takeover, trading in the AIM securities of the AIM company will be cancelled. If the enlarged entity seeks admission, it must make an application in the same manner as any other applicant applying for admission of its securities for the first time.
27. A further admission document will be required for an AIM company only when it is: � required to issue a Prospectus under the Prospectus Rules for a further issue of AIM securities; or � seeking admission for a new class of securities; or � undertaking a reverse takeover under rule 14.
trying to get my head round this , any help welcomed ,are we looking at a reverse takeover
AIM RULE 29 Applications for further issues 29. At least three business days before the expected date of admission of further AIM securities an AIM company must submit an application form and, where required by rule 27, an electronic version of any further admission document. Where an AIM company intends to issue AIM securities on a regular basis, the Exchange may permit admission of those securities under a block admission arrangement. Under a block admission an AIM company must notify the information required in schedule six every six months.
Two carried appraisal well locations agreed with our partners targeting combined additional in-place volumes of up to 2 tcf of gas and associated liquid resource; drilling to progress once agreed by the Etinde JV partners. blvn have the option of going ahead and the others lose their part of the revenue but I cant see blvn doing this on their own or just with NA shame the results of the driling will define the sell off value and sp could be 2 more years?although the recent oil price may help bring it forward!!!
Bomono was a white elephant from the moment they hired a heap of scrap metal to try and drill it, spending 2.5 m on the Rig before it was fit for purpose, which resulted in a 6 months delay. Hart deliberately entered into the FO to leave a complicated mess for the new BOD to clean up. He is still attending race meetings with his horses but we can rest assured he is not spending our money.
Words from Bowleven new management team is encouraging, but I feel shareholders are extremely frustrated with the share price poor performance. Previous management has made things difficult. And having looked at this business I can see potential value. As always action speaks louder than words, and shareholders need to know when gas production will start. Below is my summary: Their main offshore assets look promising with up to 2 Trillion Cubic Feet of gas. Bowleven has a 20% stake and has approx. claims of 69m barrels. At under �100m in market capitalisation, Bowleven has the potential to monetise 20% of their assets with minimal operating costs. That is the attractive feature of Bowleven. Until we get a definite update from Bowleven about their deadline to gas production and information on the daily gas flow, then it is all speculation. The downside to Bowleven has run its course, in my opinion. The potential for future revenue at low operating costs is immensely attractive. So, at this level of valuation, there is a good potential to see market value at least doubling. But, remember the risks involved (see above) and always do your homework. See full analysis http://bit.ly/2hlcKUv
they have stopped paying ,unnecessary wages , spending right down , smaller office , a team that on paper seem more clued up , a major shareholder pushing for a better price , next year could see some nice surprises ,i can see the slow rise continuing from here , very little downside from here ,,,imho
no real surprises ,back to steady eddy , this time next year rodders,,,,,,
Nothin' gonna happen until he (and his cronies) exdigitate......... One of these decades................
gotcha :) still it seems like someone has been accumulating of late, and if etinde actually happens next year then we are atleast going to have something material to look forward to
gotcha :) still it seems like someone has been accumulating of late, and if etinde actually happens next year then we are atleast going to have something material to look forward to
yup - it was. Just saying that sometimes the market needs little or no excuse to temporarily drop the price. In my view, it's sensible for the silly book value of bomono to be corrected. I was pointing out that generally the market doesn't like impairment charges
to shareholders, no mention of that
surely Bomono was already valued at next to nothing anyway?
interesting and not unfeasible postulate
In reality, the market has been under-pricing BLVN's assets significantly for ages. However, the charge is a significant write down and I wouldn't be surprised to see a drop today as a result. The cynical side of me says that COC are assigning the charge now as a tactic to gain many more shares at a low price ahead of Etinde activity in 2018. Etinde has always been where the value resides, however, the impairment charge for the Bomono fiasco may provide them with a handy way of accumulating more interest at a very low cost.
that charge will drop the share price today??