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does he not hold 379753 shares , or did he sell them ,could someone correct me if i am wrong
Blvn holders Can you help me understand what is the short term (3 - 6 months)value we expect after CO involvement. In 1 years time.. Do we think we will ever touch 60 p in 3 months.
with that statement and I was not a wholehearted supporter of CO to begin with. The BOD have covered themselves in excrement during this period.
This tells you all how they have their own interests at heart. Disgraceful ! Date: 18 Mar 2017 By: Bowleven Holders After the close results of Tuesday’s EGM, Bowleven needed a strong Chair to unite this divided company. Unfortunately for shareholders Billy Allan, who does not own any shares in the company, has proven he is not that person. Unable to rise above the petty self-interest that has steered Bowleven’s corporate strategy for so long, Allan has blocked any attempt to remove Kevin Hart and Kerry Crawford from their executive roles. This has forced Crown Ocean to requisition another EGM, unnecessarily prolonging the transition which shareholders voted for. Although the results of Tuesday’s EGM were close, they were unambiguous. Shareholders rejected the previous board’s failed strategy and voted in favour of the company taking a new direction. Billy Allan survived the vote by the skin of his teeth, but the other targeted directors all lost their seats on the board. Crown Ocean’s nominated candidates were all accepted
Shareholders clearly voted in favour of the corporate restructuring of Bowleven and a return of surplus funds to shareholders. Allan’s unwillingness to accept this once more calls into question his suitability to remain as Bowleven’s Chairman. Having failed to hold the company’s executive team to account, in the face of persistent dreadful performance, there were already doubts about his commercial judgement. His obstinance since Tuesday’s vote now raises obvious concerns about whose interests he is working in? Allan is paid generously by Bowleven. His responsibility is to the company, not his pals who used to be on the board. Had Allen any sense at all he would have quickly dropped the resentful attitude which drove the former board’s unsuccessful defence against the EGM and adopted a much more conciliatory approach. Instead Allan has thrown his proverbial toys out of the pram and compelled Crown Ocean to launch a second EGM. This is no good for anyone. It is a dreadfully unnecessary waste of resources and time. Billy Allan, who, let us not forget, does not own any shares in Bowleven, should be ashamed of himself.
thebrat - Nicely put and sums up what this is all about - the money whatever way you slice it, and most likely ends up with not the long term prospects which have kept many faithful to this share..presently looks more like expectation of a 80p home bargains cake than the M and S special sponge at £2. Keep firm and realistic in your holding, greed for profit will prevail - regardless of wrapper/agent of delivery Etinde is calling. Love to hear the views of others upon timescales though.
long time no speak (GKP) different situation here - what on earth does the chairman think he is? well i rather suspect that what every the answer is now, the future will be "unemployed"... hope so. disgraceful.
More important than Lechartier’s 1 year stint at Afren (or 3 at Petroceltic), is perhaps his 5-6yrs work at Perenco as New Business lead, Perenco being a prominent operator in Cameroon. If Etinde is only suggested to be going on the market for around 50-72p to a single buyer, COC would be severely limiting their potential upside if they were not to open up the sale to companies beyond NA and Luk, eg: Perenco or Addax (prominent Cameroon operators) and others. At 50-70p Etinde is an absolute steal for any of these companies; much cheaper than actually exploring for O&G, if you know how to evaluate the asset properly. Fully monetized value for Etinde (previous posts) is vastly beyond 50-72p. That is what all the handbag-swinging is about. Opening up an Etinde sale may see some very interesting bidding…Not just a sale to NA (as predicted on these boards). There are plenty of prospective buyers out there at these prices… Not to mention NA and Lukoil bidding against each other for control (as distinct from operatorship) of the Etinde asset. I had hoped that retaining BA as Chairman with the new COC directors would assist in managing openly the development or disposal of the Etinde asset. However, with COC involvement, the shareholder-base (by number of shares, not the disingenuous ‘number of shareholders’ measurement) has changed from high-reward, long-term investment strategy, to shorter-term low/moderate fast-turnover model. Non-COC supporters should be aware of this and adapt accordingly, or purchase more equity to preserve their strategy-position. Although the above is speculative, the African dealspace is dynamic, and Etinde is a tinderbox! Lets get the above companies bidding against each other for Etinde…where are the matches…?
Pity about the Afren connection. Not something I'd want on my CV...!
Don't know if anyone's posted similar earlier 'Background Mr. Didier Lechartier serves as the Managing Director of Egypt, Bulgeria and Italy for Petroceltic International plc. Mr. Lechartier served as the Head of Business Development at Petroceltic International plc. Mr. Lechartier served as Head of New Ventures of Afren Plc since February 27, 2007. He is a Chemical Engineer with over 25 years’ experience in Business Development and senior managerial roles in international E&P companies including: Enron Oil & Gas, Vermilion Resources, Maurel & Prom and Afren. He joined Petroceltic in 2013 from Perenco where he was formerly Head of Business Development. Mr. Lechartier served as Director, Business Development of Maurel et Prom since 2000. He served as a Director of Pebercan Inc., from September 16, 2005 to September, 2006.'
I think COC will breeze it on the next vote,also I think it's common sense why they haven't made any statements: they need to get rid of the leeches then they can do what they want!!
COC are going to make sure they get this through.. Sit Back and let them buy the shares they need.. going to be a real lack of liquidity soon.. I think a lot of sellesr sold on Wednesday... it will be interesting how they will do this..
Usual panty throwers are telling us that the voting was all about removing the mopeds from Director role. Didn't they read the whole document where the need to change direction being the driver behind removing the greedy mopeds was circulated to shareholders!!?
Sold 40% (200k) of my holding this morning at 35 and 35.5p. Didnt know about the coming EGM. Was disappointed. However, cancelled the rest of my sell orders soon after I saw the notice.
"The main reason I have no confidence in COC is because they appear to have made no effort to tell the intitutions what the plan is" They have, just that you don't bother to read. http://www.bowleven-generalmeeting.com/
Anyone received a phone call today...like last time.....?
Is bent on deciding the fate of the company!! How ridiculous is that?! The obscenity that these lots can fall to has no limits.
Of a CEO voted out as Director by common shareholders, but retained by Chairman (who holds zero common shares) as CEO. Moral corruption has no bounds when it comes to this gang of leeches!! They are all there for each other!! Let's teach them another good lesson .....
you are of course entitled to your view but I think Billy is a goner as neither I nor anyone else who voted hart out will want him after this stupid display of stubbornness. BTW - if you are a holder then we know you are not Billy :)
LuckCounts I have not met Hart but I have had dealings with the previous chairman. Here is the critical factor. The main reason I have no confidence in COC is because they appear to have made no effort to tell the intitutions what the plan is. The Monaco base screams of gimme the cheque book. mel
i know plenty of folk with degrees and PhD's who are useless, qualifications mean nowt
When you say BOD what you mean is EX-BoD, right? Not being picky but that's an important difference!
sell your shares and move on then cos he will be voted out this time; can only see coc buying more
chris211 Feel the quality of the information you have on COC so far .....and their directors..........and coherent strategy ( what is it?) My feeling is that COC has been so limited in the pertinent information they have supplied that you may find you have bought a nasty pig in a poke. mel Mel.