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Pin to quick picksBowleven Share News (BLVN)

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Bowleven tells shareholders to vote against 'defective' COC takeover

Wed, 08th Feb 2017 14:15

(ShareCast News) - Bowleven updated the market on Wednesday, saying that following the requisition of a general meeting on 24 January, Monaco-based private investment vehicle Crown Ocean Capital had continued to purchase Bowleven stock.The AIM-traded firm said in view of that, and ahead of the more detailed response within the circular convening the GM, it wanted to advise all shareholders of its view of the proposals and why it will unanimously be recommending shareholders vote against all resolutions."In the meantime, shareholders are urged to support their board and take no immediate action with regard to their holdings," Bowleven's board said in its statement.It said COC's intent was to take control of Bowleven without paying fair value, and it had "no credible strategy" to maximise the value from the company's key assets, Etinde and Bomono.COC's stated intention, according to Bowleven, would be to convert Bowleven into a holding company, stripping the cash from Bowleven's balance sheet, and leaving it in a "precarious position" potentially unable to fund the investment necessary to realise any or all value from its Cameroon assets.It alleged COC intended to remove the existing board and appoint their own representatives, placing the management of the company in the control of a single minority shareholder, with no remaining independent directors representing the interests of shareholders ."This is exceptionally poor governance, delivering stewardship of the company into the hands of unvetted COC appointees and removing all governance safeguards for other shareholders."The board will lose vital relationships with the Cameroon government, key to progressing the assets and realising value, and lose its entire relevant oil & gas experience and industry relationships," the board explained.It explained that throughout its near-year long involvement with the company, COC had displayed "utter inconsistency", with its first approach, in August 2016, to advocate an MBO.It "desisted" when management made it clear the offer price must be at a level the board could recommend, Bowleven said.COC's second approach was to support the existing management team, chairman and strategy, and to impose new non-executive directors, but Bowleven said the legal procedures were "defective".Its third approach was to dismiss all board members, except the chief operating officer, who they reportedly had previously sought to dismiss."Ahead of our formal response, we wish to give timely advice to shareholders that COC's proposal has absolutely no merit," commented chairman Billy Allan."It is self-evidently, and solely, a means to turn Bowleven into a cash dispenser for themselves, by taking control of the board."Allan said, by contrast, the company was progressing "exciting" plans at Etinde and Bomono that had the potential to deliver material upside."We see a clear choice for shareholders between losing control of the company, or retaining substantial upside in an E&P company at a favourable point in the market cycle."
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27 Mar 2024 14:31

Bowleven seeks funding as loss widens on reduced project activity

(Alliance News) - Bowleven PLC on Wednesday said its half-year loss widened as it continues to develop the Entinde project.

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26 Jan 2024 06:56

IN BRIEF: Bowleven and partners regroup as Etinde stake sale halts

Bowleven PLC - Edinburgh-based oil and gas exploration company developing Etinde project offshore Cameroon - Partner's sale of stake in the Etinde project falls through. Bowleven is informed on Thursday by New Age (African Global Energy) Ltd, the operator of Etinde, that it received from Perenco SA a termination notice for the conditional sale of New Age's interests in the Etinde joint venture to Perenco. The deal for the 37.5% stake was first announced back in June 2022. Bowleven says it now will discuss with its joint venture partners an updated development plan and work programme for Etinde.

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29 Nov 2023 15:46

UK shareholder meetings calendar - next 7 days

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Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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10 Nov 2023 11:58

Bowleven reports $2m loss as it looks to shore up funding

(Sharecast News) - Africa-focused oil and gas exploration group Bowleven reported a loss of $2m in its full-year results on Friday.

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10 Nov 2023 10:34

Bowleven needs to raise further equity as warns cash is running out

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26 Sep 2023 12:14

IN BRIEF: Bowleven considering needed equity injection at big discount

Bowleven PLC - oil and gas, exploration and production in Cameroon - Considering fundraising proposal that would involve an unnamed shareholder providing equity capital at a "very substantial discount" to Bowleven's current market price. If this were to occur, all other current shareholders would be invited to participate at the same price, the company says. Bowleven has USD1.3 million in cash and, despite cutting costs, this is enough only to see it through to the end of the first quarter of 2024. Bowleven also may need additional funds to finance its share of future expenditure on the Etinde project.

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26 Sep 2023 10:39

AIM WINNERS & LOSERS: Bowleven shares drop on concern for cash runaway

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21 Jul 2023 10:40

AIM WINNERS & LOSERS: Bowleven says fundraising efforts continue

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21 Jul 2023 09:35

IN BRIEF: Bowleven unaware of reason for recent share price rise

Bowleven PLC - Africa-focused oil and gas, exploration and production company focused in Cameroon - Says it notes recent movement in its share price and is not aware of "any particular reason" for the sudden increase. Shares in Bowleven increased by 30% in the last month. The company says that it has been considering fundraising options, and expects to seek additional equity capital in the year to assist with its ongoing corporate activities; which it noted in its March 30 statement.

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30 Mar 2023 17:55

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30 Mar 2023 09:11

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24 Nov 2022 15:44

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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