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end Payment
Fri, 8th Feb 2019 07:00
RNS Number : 4298P
Bowleven plc
08 February 2019
8 February 2019
Bowleven plc
("Bowleven" or the "Company")
Confirmation of Special Dividend Payment
Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to confirm the payment today of the special dividend of approximately £50 million, or 15 pence per ordinary share.
As previously announced, the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation.
The dividend has today been paid to those shareholders on the register on 18th January 2019.
Eli Chahin, Bowleven CEO, commented:
"I'm delighted the Company is in a position to return this money to shareholders whilst continuing to offer significant future upside for investors as we work to reach FID on Etinde.
The management team's priority has always been maximising value for shareholders. The payment of this Special Dividend represents a major return of capital to investors, but also a statement of our commitment to ensuring the interests of the Company's owners are always at the forefront of the Board's considerations."
Ahoy
I imagine the dividend will be paid by a BACS type transfer which can be immediate or up to 3 working days depending upon the receiving broker, much the same as a bank transfer.
I wouldn't get too excited until Wed next week, but most institutions seem to be able to complete the transfer within 24 hours or less.
I hope so, I will be asking questions if it's not!
Did they need the dividend to fund the full purchase of BLVN?
It's an interesting strategy if they did.
Aside from that, I agree with the previous poster, there should be a significant uptick in sp over the next week as the dividends are reinvested by private shareholders and institutional investors.
Yes that's what I mean ii will put money in but do you think it will be tomorrow?
then I will have to transfer myself
I'm not with ii but I would be surprised if that happens. Surely it will be paid into your ii account and you will have to transfer it to your bank, because you may want to reinvest the dividend.
does anyone know if interactive invester will pay the bowleven dividend into bank tomorrow?
minimum
As calculated earlier by Hairy, blvn sold 40% for $250m.
Based on a similar valuation that returns $156m or £121m for remaining 25% sell off (assuming nothing for Bomono).
But, we still have £11m cash plus £19m to come at FID, which totals £150m.
Based on 327m shares that is approx. 45p per share.
However, a few variables to this simple math:
1) Some of this cash will get spent this year.
2) FID should move resources to reserves, resulting in a significant valuation imo.
3) They may be able to prove up a little extra after completing all the data analysis.
4) COC are over a bit of a barrel.
Overall though, I'm hopeful and bullish that 2 and 3 outweigh 1 and 4, so I'm thinking 45p is the minimum we should expect provided did comes through, with I'm hoping some reasonable upside if it plays out as expected.
Still another 12 months at least to go imo though.
GLA
Good luck hope we get 60p
COC have a deal sorted already IMO, albeit in pencil, should have a price per 1p and 2p numbers (not sure they will have anything for just resources) and that is all subject to FID.............cant see BLVN around in 2020
only thing in my mind is the price COC have got us. with their 30% i assume they have negotiated for top dollar bearing in mind their negotiating position isnt the strongest in the world
question is do the CEO's 10 million 45p options trigger at a 30p sale because 15p has already been paid out, or are they going to get 45p on top of that 15p divi - meaning 60p sale in total for shareholders
hoping the latter, but thats top end, cant really see much over 60p.........
Sudden flurry of it, news maybe?
Expecting a gradual increase in sp from this pint onwards and with 15p payable on the 8th loads on money coming back to shareholders with quite a few millions to reinvest back into BLVN shares so so on the 8th will be interesting. Well it won't go lower that's a decent bet.
long wait.
"short to medium term" - I read this as within 2019 timeframe, am I being somewhat optimistic?
Patience required. Dividend announcement refers to The Board's expectation of reaching FID on Etinde in the short to medium term, triggering a payment of $25 million from JV partners but the "short to medium" could mean days or months. Interesting to see what happens at the end of the week when 15p dividend is due to be paid as it may take longer to be received into individual accounts.
Hairy
We sit here at 59m because there is no guarantee that anyone will ever monetise Etinde. As soon as FID happens the SP will reflect the latent value; until then this is worth very little. Nowt has changed for the past 4/5 years.
You sound like me with BLVN back in 2010!
The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde Permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million. In addition to the $165 million initial cash proceeds Bowleven will receive the following:
·   An estimated $5 million cash to follow for working capital;
·   Up to $40 million (net) carry for two Etinde appraisal wells, including testing;
·   $15 million cash to be received on completion of appraisal drilling; and
·   $25 million cash contingent upon and to be received at Etinde development project FID.
And yet we sit here with 25% ownership of Etinde with market cap of 59 million ?? Hmm something doesnt quite add up
By my very rough calculations (based upon cash held and cash due) the current SP values the rest of BLVN's slice of Etinde at under c.$50m. Didn't we sell an equal proportion to our JV partners for c.$200m? You'd think this needs to value up, I just wonder when. It would be crazy if BLVN got taken out for anything less.
the info in the past few RNS's and I have to say I am extremely excited about 2019 and BLVN! One way or another I think we will see a huge leap in SP whether it be further etinde news or we get taken out. This is extremely undervalued.
Other than about 9p per share for current/future cash it's all about Etinde
does the sp reflecting only Etinde potential - or are there more assets?
More than one bulshitter.............it's full of them on a bb