BowLeven Plc RESULT OF ANNUAL GENERAL MEETING (8745R)

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RNS Number : 8745R

BowLeven Plc

14 December 2016

14 December 2016

Bowleven plc ("Bowleven" or the "Company")

RESULT OF Annual General Meeting

Bowleven held its Annual General Meeting (the "AGM") earlier today. Each resolution put to the AGM is set out in full in the Notice of AGM and summarised in Table 1 in the Appendix together with the results of the vote. Each shareholder present in person or by proxy was entitled to one vote per share held. Resolutions 1-6 (inclusive) were successfully passed. Resolutions 7 and 8 (relating to the disapplication of pre-emption rights and purchase of own shares) were not passed.

The Company wishes shareholders to note that excluding the votes of Crown Ocean Capital ("COC"), a Monaco-based offshore private investment vehicle, all resolutions tabled would have been passed with a vast majority of votes cast in favour of each resolution (see Table 2 in the Appendix). All major institutional shareholders who voted, voted in favour of all the resolutions.

Billy Allan, Chairman of the Board of Directors said:

"We believe the actions of Crown Ocean Capital are part of a broader agenda to frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the Company for its own interests. We believe the Board's strategy for creating future value is in the best interests of all shareholders. No satisfactory explanation has been provided as to why COC has voted against the resolutions, nor has COC made clear its intentions, despite having previously expressed confidence in the Chairman and the executive management team.

As a result of COC's actions, we have been required to cease our share buyback programme which was implemented under authority granted by an overwhelming majority of shareholders at the 2015 AGM. As part of my remit since joining the Company in October 2015, I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the Board and we remain absolutely focused on ensuring that the Board delivers on its strategy for the benefit of all shareholders."

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive 00 44 131 524 5678

Kerry Crawford, Finance Director

Brunswick Group LLP

Patrick Handley 00 44 207 404 5959

Andrew Garfield

Macquarie Capital (Europe) Limited (NOMAD)

Alex Reynolds 00 44 203 037 2000

Nicholas Harland

Nick Stamp

Appendix

Table 1 - Results of vote at AGM

 
 RESOLUTION                        FOR           %       AGAINST      % 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 1 (Ordinary) 
  Annual Report and Accounts       71,302,206    60.26   47,028,333   39.74 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 2 (Ordinary) 
  Re-elect David Clarkson          67,789,262    56.70   51,767,642   43.30 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 3 (Ordinary) 
  Re-elect Kevin Hart              69,454,704    58.00   50,285,995   42.00 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 4 (Ordinary) 
  Re-appointment of Auditor        104,263,603   89.49   12,249,339   10.51 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 5 (Ordinary) 
  Auditor's Remuneration           105,854,558   89.57   12,327,360   10.43 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 6 (Ordinary) 
  Allot Relevant Securities        68,964,251    57.97   49,993,736   42.03 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 7 (Special) 
  Disapplication of Pre-emption 
  Rights                           65,864,184    55.37   53,093,803   44.63 
--------------------------------  ------------  ------  -----------  ------ 
 Resolution 8 (Special) 
  Market Purchases                 71,330,604    60.12   47,317,942   39.88 
--------------------------------  ------------  ------  -----------  ------ 
 

Table 2 - Illustrative results excluding COC vote

 
 RESOLUTION                        FOR          %       AGAINST      % 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 1 (Ordinary) 
  Annual Report and Accounts       71,302,206   94.08   4,489,125    5.92 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 2 (Ordinary) 
  Re-elect David Clarkson          67,789,262   88.02   9,228,434    11.98 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 3 (Ordinary) 
  Re-elect Kevin Hart              69,454,704   89.97   7,746,787    10.03 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 4 (Ordinary) 
  Re-appointment of Auditor        70,263,603   94.98   3,710,131    5.02 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 5 (Ordinary) 
  Auditor's Remuneration           71,854,558   94.99   3,788,152    5.01 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 6 (Ordinary) 
  Allot Relevant Securities        68,964,251   90.25   7,454,528    9.75 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 7 (Special) 
  Disapplication of Pre-emption 
  Rights                           65,864,184   86.19   10,554,595   13.81 
--------------------------------  -----------  ------  -----------  ------ 
 Resolution 8 (Special) 
  Market Purchases                 71,330,604   93.72   4,778,734    6.28 
--------------------------------  -----------  ------  -----------  ------ 
 

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December 14, 2016 10:42 ET (15:42 GMT)