We also inform fellow shareholders that, on appropriate professional advice, we have submitted to the Board a letter detailing what we believe are a number of breaches of fiduciary duty by existing and previous directors to the Company in the context of but not limited to (i) the dissemination of information related to the Etinde project (ii) the timing of the farm-out announcement of the Bomono project and (iii) the voting with respect to the General Meeting on 14 March 2017. We expect the Board to fully investigate the issues raised. In this context, we also note today's announcement by the Executive General Manager Mr. Adolphe Moudiki of the National Hydrocarbons Corporation ("SNH") in the Cameroon Tribune that the Republic of Cameroon has neither been informed of the Bomono agreement in the usual forms provided for in the Petroleum Contracts, nor authorised such an agreement, as required and reserves its right. We believe, by doing so, the previous Board has endangered the vital relationship with the SNH and thereby the future of its two assets in the Republic of Cameroon. As the largest shareholder of Bowleven, we are fully aligned with fellow shareholders and are fully committed to new leadership and direction of Bowleven.
Copied from a poster "indaknow" on iii COC has recently released this statement. Seems quite clear to me that they agree with LTHs that a fire sale isn't the sensible move to unlock value. Comments on Bowleven's Initiation of Strategic Review and Commencement of Offer Period Crown Ocean Capital P1 Ltd ("Crown Ocean"), a private investment company and the beneficial owner of 23.2% of the outstanding ordinary share capital of Bowleven PLC (LON: BLVN) ("Bowleven" or "the Company"), today commented on Bowleven's recently announced initiation of a strategic review and commencement of an offer period: Crown Ocean believes that first of all Bowleven needs to fully acknowledge and implement the verdict of shareholders for new leadership and direction for the Company. An absolute priority should be the transformation of Bowleven into a holding company involving a right-sizing of the operations and an elimination of further unnecessary cash drain. We strongly believe that right now is absolutely not an opportune time for Bowleven to engage with any parties about either a potential sale of its assets or the Company as a whole. We note that the latest company announcements are in stark contrast to any of the Board's previous statements. In our assessment, the Company is currently perceived as "troubled" and the Etinde Asset is at an unfavourable stage of the value cycle ("pre-appraisal drills") - which would at best solicit highly opportunistic bids. We do not see the urgency for a sale and how it would generate maximum value for shareholders. We actually question the motives of the strategic review announcement, which had entered the press just two days after a new shareholder meeting had been requisitioned. We wonder if part of the motivation of certain directors for putting out the "for sale" sign in a hurry is to trip change of control vesting events in compensation packages and/or using a transaction to avoid investigations into the appropriateness of past business dealings. In any case, we understand the Company has hired multiple teams of advisors - which is a waste of Company resources. To be clear, we have informed the Board that at this time, we will not support any "fire-sale" transaction and doubt our fellow shareholders will approve of a rushed approach. The Board should now meet its obligation to call the newly requisitioned general meeting to ask shareholders to vote on the removal of William MacDonald Allan as director of the Company and the appointment industry veterans, Julien Balkany and Didier Lechartier, as independent directors as soon as possible. Crown Ocean believes that upon the successful election of the new independent directors, the revised Board, comprised principally of independent directors can consider the best path to unlock value for all shareholders from a position of strength. We also inform fellow shareh