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lol. Don't tell anyone but I think there may be problems with Sapele too ;)
Sorry I am miles behind...
Another GM requisitioned by COC to remove Allan and appoint more of its people.
on his recent track record i wouldn,t put it past him !
No, he can't. But he sure can screw the company in the process. For example entering into an agreement which if not approved by shareholders requires the company to pay some penalty.
Not sure why would Billy want to flush out bidders now given the oil price? IMO if the article is correct, the "asset stripper" he has been warning us about all this time is none other than himself .... a sweet revenge on folks who killed the gravy train perhaps?! You can see how low these lots can fall to to protect their own interest. Explains a lot as to why he holds "zero" shares in the company.
would allen be able to make a sale without a vote of shareholders?
Find this very fitting!
Turn your nose to! https://www.youtube.com/watch?v=wfVmNlvGlL0 first day this very fitting for the good ship bowleven doe's help with avg 24 win win which ever way! But would of love to see true value at entinde hey let the good times roll
jadee/digby - thanks for posting the article digby - interestingly it was slightly different to the one that I read in the Spanish edition of the ST in which there was an additional para : - "Chairman Billy Allan has kicked off a "strategic review" in an apparent attempt to flush out bidders for the Africa - focused minnow, industry sources said."
many thanks Digby
This does BA no credit whatsoever. I had thought that he had been trying to sort out the mess that was BLVN under KH. Just shows how naive I have been....! How these guys have the audacity to remain hunkered down trying to resist CO defies imagination. Just hope that the 2nd EGM comes along soon. With luck, those PIs who might have been sitting on the fence last time around will now realise that the existing BLVN crew care only for themselves and couldn't give a toss about shareholders. BA needs to be swept away along with KH and the rest of that bunch of losers.
Thinking this through: BA can't get a derisory offer of say less than 50p through as CO and most PI's would vote against, he has no shares and the BOD don't have that many shares/votes. As a result, I'm fairly sanguine about him looking for this offer as it would have to be acceptable to get voted through prior to any meeting. Presumably CO have increased their stake again or are in the process. Thoughts anyone?
Investor fights to oust Bowleven chairman Greig Cameron, Scottish Business Editor March 18 2017, 12:01am, The Times Crown Ocean Capital has requested a second shareholder meeting of Bowleven in an attempt to remove Billy Allan, the chairman. The activist investor succeeded this week in ousting five out of the six directors at the oil explorer that it wanted to remove. Mr Allan held on by a narrow margin with 50.65 per cent of the votes cast against his departure. Crown Ocean is campaigning for change because it believes that Bowleven can cut costs, progress quicker on its offshore Etinde development in Cameroon, review its onshore gas project there and return some of its $95 million cash to shareholders. The Monaco-based investment vehicle urged Mr Allan to resign to avoid wasting more of the company’s resources. It offered to pay for part of the costs involved in any new meeting. Crown Ocean said that it was taking further action because Mr Allan, who previously ran Asco, an oil and gas logistics group, was unwilling to implement the changes voted for by shareholders. It claimed that Kevin Hart, Bowleven’s chief executive, and Kerry Crawford, the finance director, remained employees and have not had termination notices served even though they were voted off the board on Wednesday. Crown Ocean said: “We now see a significant danger posed by either a dysfunctional board or one controlled by Mr Allan, who could use his casting vote to maintain the status quo and protect his and the old leadership’s entrenched positions. This situation is clearly not sustainable and not in the best interest of shareholders.” It proposed two new directors. Didier Lechartier has more than 25 years’ experience in the oil and gas sector, most recently as the managing director of Egypt, Bulgaria and Italy for Petroceltic. Julien Balkany is the co-founder of Nanes Balkany Partners, a group of funds run from New York, which invests in the oil and gas sector. They would be in addition to the two Crown Ocean nominees, Eli Chahin and Christopher Ashworth, who joined the Bowleven board this week. David Clarkson, Bowleven’s chief operating officer, was not subject to a requisition from Crown Ocean and remains on the board of the Edinburgh-based company. Bowleven acknowledged the request for another general meeting but declined to answer the points raised by Crown Ocean. It promised “a detailed response” before the next meeting. After first investing in Bowleven early last year, Crown Ocean built its stake and has increased the pressure on the board in recent months. The requisition for the first meeting was made in January and by the time the proxy voting closed on March 10, Crown Ocean had increased its stake to 22 per cent. Shares in Bowleven closed up almost 4 per cent at 35½p.
can you paste the article mate ?
Yesterday's article in the Sunday Times was quite emphatic that Billy Allan was on the lookout for potential buyers of BLVN, a move which in most other circumstances (IMO) would have been welcomed by a majority of PI's. In light of recent events though, this news - if true - gives rise to concerns. It's just 2 weeks to the day since the BOD breathlessly announced their poorly received Bomono farm out agreement, complete with poisonous pill, locking BLVN into the cobbled together deal but allowing VOG to walk away if they chose to. To this day, shareholders have still not been made aware of detailed well results or auditable volumetrics, let alone any meaningful economics. Just imagine then the damage that could be done if this same team attempted to pull off a quick sale of the company or Etinde, as a separate entity. Their behaviour over the last few weeks has established beyond any doubt their total disregard for the interests of the shareholders and their unfitness to fill the positions that they are scrambling so desperately to hang on to - at least until the last of the cash has gone.
soon. It won't have occurred to him that if he delays the meeting as long as possible (like last time), he simply gives COC more time to buy shares at a lower price. if he had any sense or thought he had a hope of winning, he would call the meeting asap. Clock is ticking - COC won't get caught out again.
I'm not convinced. They seem fairly stubborn to me and BA's actions are astounding. He must have known the backlash he would get from it. I think they will continue fighting tooth and nail till the bitter end. Anyone know when the next General Meeting will be?
How can he stay on... so much pressure form all sides..I met Kevin a few times and I honestly feel he is out of his depth now and will throw in the towel,, same for Billy Allen.. BLVN is a closed shop now and will be sold.. 56p is low end.. but its better than keep going the way we are..
why would you think that?
I imagine Kevin will resign today...
Even worse than Afren, is having Enron on his CV!!!!!!! Let's hope his role had nothing to do with the demise of either
Looks like a big day coming... and pretty soon., for sale means strip asset value .. 56p.. that's 80% increase from here
Sorry voted for him Will not next time Was hoping he would get behind the new strategy The old bod had ages to find a white knight To late!
ok ignore me it does seem he does not have any now , sorry