Bowleven Share Discussion Threads

[corrientes] 14/12/2016 21:02

For those with very long memories,BLVN started out with more than a wisp of corruption.

The company culture doesn't seem to have changed much.

[slipanchor3] 14/12/2016 20:49

My guess would be that CO, are working on behalf of a third party, which may even be the Russians or NA.

[gark] 14/12/2016 20:42

Specul82 totally agree.

[specul82] 14/12/2016 20:19

GarkI agree more shares will be purchased by crown ocean They will take over the company very cheaply I for one would accept 40p a shareIt would be good for the share holders if co get enough shares to make a bid for the company we might then just see the Russians counter bidding

[watfordhornet] 14/12/2016 20:11

Cash in bank now. At current burn rate it will run out in a few years. Only takes KH to buy an asset, run it into ground and the cash could go

[gark] 14/12/2016 19:46

No way we end up with zip given cash in the bank.

[watfordhornet] 14/12/2016 19:44

Maybe they know more than us. Let's be under no illusions CO do not care about us. They will want to make cash - the important thing is how? Hopefully in an above board compliant manner unlike other AIM shares.Bit of a lottery this - we could end up with zip but hoping CO will determine best way to make cash is get the PIs on side

[corrientes] 14/12/2016 19:30

Beats me why II's voted for the status quo, unless they are equally as complacent as the company they've invested in.The company was keen to stress the II's support.

Don't the II's not also want to make a profit on their investment, but maybe their equally contemptuous of the people who pay their wages,and so the gravy train carries on as usual.

Good luck to CO.

[gark] 14/12/2016 19:21

Have I misread the original AGM notice but 6 allows them to allot securities to the company while 7 would have allowed for dilution against pre-emptive rights so it is a good thing it wasn't voted through. The vote against the buyback allows CO to purchase more shares from the current float so is not so bad as should allow them to grow the stake and push management to sell the company. CO has been a positive as before their involvement we were in the teens. I think we get taken out at around 40p. Given the vote was very narrow think Billy and Kev should walk the plank.

[leedskier] 14/12/2016 18:12

EASTERN Platinum (Eastplats) is to sell its Crocodile River Mine (CRM) to China’s Hebei Zhongheng Tianda Platinum Company (HZT) in a $50m deal that doubles the Toronto- and Johannesburg-listed platinum firm’s cash balance.

HZT is not connected to Hebei Zhongbo Platinum Company, another Chinese company that in 2015 launched a $225m takeover bid for Eastplats. That takeover proposal unravelled last year owing to a dispute with the bidder’s shareholder.

In terms of the CRM transaction structure unveiled today, HZT will buy Eastplats’ subsidiary, Barplats Mines, which controls CRM – a mine that produced annualised production of 152,000 ounces in the September quarter of 2010 before it was shut in 2012 amid declining platinum group metal (PGM) prices.



That proposed sale was blocked by investors buying up shares and blocking the directors who had taken control of the Company. The attempted sale of the assets and cash ... would have been a wipe out for investors. The irony is that the Chinese are now suing because their 'sweet heart' deal was blocked.

...

[bigsi2] 14/12/2016 18:09

sub-numerate?.... did you mean innumerate?

[targatarga] 14/12/2016 18:04

So, I was right about the buyback stopping after the agm. More money left for KH to squander! imho

[w1ndjammer] 14/12/2016 18:04

i reckon a proper full investigation into how all the money has been spent
would get a few up north sweating.


le-comm did you hear about what happened to cyan, poor chap had a threat on his life.


WJ.

[leedskier] 14/12/2016 18:01

The only way that there will be a return on assets here will be if:

1. There is a bid. And given that the fortunes of BLVN are to be decided by its two partners and Cameroon, who would bid for it?

2. The gas is eventually developed and goes online -- that will not be before 2019.

3. The Company engages in wildcat onshore drilling and hits lucky.

[leedskier] 14/12/2016 17:10

If the Russians were intending to make a bid for the Company the less shares in issue the better. It would be cheaper.

Let me illustrate.

BLVN buys back say 10% of the shares at 25- 27p a share.

Assume the bid would be at 40p a share, the less shares to be bid for the cheaper the take-over is. The cash used to buy the shares has increased in value by say 80%.

No, as someone has commented the Russians want the cash and assets and have no intention of bidding for all the shares other than if forced to make a bid by Stock Exchange Rules at the highest price paid in the prior 12 months.

Rather than see the share price go up, they will want to knock it down.

The question is will the major investors intervene or just watch the Russians acquire a controlling interest and delist it.

[neilyb675] 14/12/2016 17:07

I voted against everything proposed as I believe the company is being mis-managed.

Kevin Hart had 42% votes against his re-election. That is not a show of confidence whatsoever.

[gark] 14/12/2016 16:52

So looks like they buy more stock and we get bought out. Any guesses on price? Views?

[leedskier] 14/12/2016 16:46

ifthecapfits, no the rights continue if the motion to disapply pre-emption rights was defeated.

[gark] 14/12/2016 16:44

Interesting times.

[tabhair] 14/12/2016 16:32

Management are toast, there is no way they can survive that sort of vote of no confidence.

[leedskier] 14/12/2016 16:31

You see all of this arises because in this 'show me the money' market, Australian, Canadian and British investors are attributing little value to undeveloped assets. The Chinese (and probably the Russians) take a longer view and see the real potential and value.

It wasn't like this five or so years ago. When the major IB were prop trading UK listed O&G, share prices were multiples of their current value and as a consequence safer from predatory attack.