Bowleven Share Discussion Threads

[e-wan] 24/1/2017 13:06

Kbrook - hear hear!

[kbrook] 24/1/2017 13:03

Is that the best our Kev can come up with! How about telling us how you are going to create shareholder value.

[le_commissaire] 24/1/2017 13:00

Cyan

My own rather vaguish reason for taking some GENL and RKH is purely politically biased.
I am interested any O&G or Miners who show the following key tick-ups:

1. Proven undeveloped assets.

2. Stable political relationships within their licence areas even if that sits alongside operational areas that have or are having what could be defined as temporary political upheaval.

3. Realistic operational costs with no self gratifying pay structures unless performance based.

4. Signs of production leveling in either direction in tandem with the oil price to maximise profit margins. (A company that actively employs a complimentary hedge strategy even better).

5. Open door policy to industrial siblings and or established investment groups (BLVN gets a minus point in their list as far as this point goes)

6. A more personal 6th is that their board members are ALL active and not riding the gravy train purely from ancient relationships. Cue BLVN again).


So yes, BLVN, GENL, RKH all still a medium term investment in my own personal opinion.

[highasakite] 24/1/2017 12:58

Kevin Hart is incompetent.

[cyan] 24/1/2017 12:51

Extract;

"Crown owns just over 13%. Artemis owns 7% and, our sources tell us that it is going to vote with Crown. Meanwhile Flip Flop Ben Turney's action group has just over 6.5% and will also vote the right way. That puts the rebels on c27% and the board owns sweet FA. "

[fireplace22] 24/1/2017 12:51

Cheers le_c

[fluffy_dog] 24/1/2017 12:46

Suspect Hart will confirm BEAA soon and Bomono a goer. Etinde - who knows? Usual camgov who are totally out of their depth here. If Etinde confirmed for Q2, Hart is strong position so long as he keeps cutting costs.

[cyan] 24/1/2017 12:36

If I could get my 50p from a BLVN sale I would shift it to GENL and RKH.

Am holding GENL for the monetization of the enormous gas assets, one day.

[le_commissaire] 24/1/2017 12:33

fireplace

Yes. I took a further tranche today.

[cyan] 24/1/2017 12:08

Hi Le_com.

Not sure about any ace up their sleeve. They have flagged up ahead of the meeting that there will be nothing new; same old.

[fireplace22] 24/1/2017 12:06

le_c, OT are you still positive on GENL after todays update?

[le_commissaire] 24/1/2017 12:02

Dan

I am not surprised that you stopped after physical death threats from that group of morons.

Obviously i try to choose my words carefully but i am personally at odds with the current situation as although i firmly believe that 80% of the current board are useful as barnacle on a backside and of which i posted a hit list last year, i also believe that COC should slow down a touch until they have the support of further significant investors.

The resumes of the proposed new directors is neither here nor there as after successful placement, as they would be temporary facilitators.

From what i can 'assume', Hart & Co have an ace up their sleeve to appease the core pi base which leads to the question that if COC for a second time are beaten to the line on the director removal and replacements, will their client back-peddle or sprint as a last ditch attempt.

Interesting situation as if they are forced to back-peddle, they will want to relinquish the stock at the best possible price which would cause a devaluation, whereas if they become hyper aggressive, then they would be looking at offering significant investors a large mark up for their stock or an agreement of support via their voting rights.

[fireplace22] 24/1/2017 12:02

Someone reported that there was a meeting with the the Cameroon Govt and the partners this month to discuss the way forward with Etinde; any positive movement on the use of the existing resource or a decision to go with the drilling of the two appraisal holes would leave Hart in a strong position.

[rec0very stock] 24/1/2017 11:54

My very rough calcs indicate a value of 40-50p might be achievable with what they are proposing. A really decent management that was looking to use the cash to acquire some decent producing assets from distressed companies in an improving oil price environment could create a long term value much greater, albeit with a lot more risk, but that is not what is being proposed.

[cyan] 24/1/2017 11:48

This Edison report gives us some idea. I would settle for the 50p NAV.

[fluffy_dog] 24/1/2017 11:45

I would take 70p but would be mightily pxssed off.

[ifthecapfits] 24/1/2017 11:38

Yeah. Anyone care to hazard a guess as to the sum of the parts in share price terms if broken up?

[tabhair] 24/1/2017 11:33

Management are definitely finished here. They barely survived the last vote, and this time there is much more coordination and anger at the destruction of value.

The best outcome here is that the remaining assets of the company are sold to the highest bidder and capital returned to shareholders.

[cyan] 24/1/2017 11:02

After giving up on the BB's I have reactivated and am in full support of the moves to oust the current management.

They have missed the boat. The failure to curtail spending and to acquire a producing asset at the lowest point in the market is unforgivable.

RKH acquired value assets which are now looking even better value a few months on. See;



We need management not entirely wedded to being principally an exploration company.

Their days are numbered.

For 50p a share and I would be off PDQ.

[ihavenoclue] 24/1/2017 10:40

High... As I bought in at 0.17p I am losing nothing but thank you for your concern.Has VOG's share price doubled recently?

[jemjem] 24/1/2017 10:27

tli8jaguar

I believe you're wrong about the 75% requirement. They are Ordinary Resolutions which only require a simple 50.1% majority. There is a Special Notice requirement - given that the Resolutions are for the removal of directors - which, from memory, means there is a 28 notice period for the calling of the meeting.
The company has 21 days to respond to this request.

There is only a 5% threshold for calling this meeting.
Hope this helps people in their decision making.

Imo.

[olieslim] 24/1/2017 10:20

Just saw the letter on a VOG bb.

Congratulations. Hope you succeed.

Sold out here long ago, at a considerable loss, because of KH aka úseless' and his horsefriends (Le_con and the other seniles on their happyclappy thread) grooming shareholders.

If you are looking for more than mismanagement, things that don't add up I expect you can find some references to those in the L2 thread.

GL

[neilyb675] 24/1/2017 10:08

They will have my vote.

[neilyb675] 24/1/2017 10:06

We expect Bowleven's shares to significantly appreciate upon the adoption of this strategy as market price implied uncertainty over cash spending and monetisation of assets is being removed with further material upside from Etinde over time.





The compelling need to change the board



The continued expenses and recent cash outflows at Bowleven are alarming. We believe shareholders are exposed to material risk that Bowleven will spend its remaining cash of c$97 million and destroy remaining value. The record of shareholder value destruction is evident: Capital markets assign a negative enterprise value with cash holdings exceeding Bowleven's market value at the end of 2016.



Over the last 10 financial years, Bowleven had an estimated $550 million of cash outflows (net of farm-out proceeds) including an aggregate remuneration of the directors of an estimated $44 million, whilst Bowleven's equity interest in Etinde dropped from 100% to 20%.



We question the current Board's approach, because:



- Costs continue to be incurred on Bomono and further activities are planned despite having already spent an estimated amount of over $100 million without having shown convincing economic prospects nor having secured a long-term exploitation authorisation ("not yet proved up sufficient gas for a 15-20 year project" [Chairman's letter, 21-Nov-2016]);



- The Board still holds on to expensive execution capacity although Bowleven's most valuable asset is a 20% stake in Etinde for which Bowleven ceded the crucial operator role;



- The Board intends to cover Bowleven's general and administrative expenses by acquiring cash generating assets instead of taking the path of cutting these expenses significantly.



We do not believe that the Board in its current composition is suited to undertake the necessary strategic review or subsequent required actions. We urge shareholders to appoint a revised and independent Board to formulate and execute a strategy that is in the best interest of all shareholders.



Proposed Board appointments



Strong, independent directors of sound reputation and experience have been identified in whom all shareholders can trust to undertake the strategic review and to provide the skills required for Bowleven's future:



Christopher John Ashworth (63)

Chris Ashworth was a partner at Ashurst for 20 years and headed the Corporate Department. He thereafter led O'Melveny & Myers' European M&A business and was a partner at Lovells. Most recently, he was General Counsel at Knight Vinke.



Eli Chahin (51)

Eli is a Senior Advisor to Alix Partners, one of the leading global corporate turnaround and restructuring firms, which he joined in 2010. He has over 25 years of experience in interim management, corporate finance, financial restructuring, turnaround consulting and crisis management across several countries. He has worked both as advisor and interim executive in a number of restructuring cases including for a listed Oil & Gas company which required performing project analysis and devising balance sheet strategies.



He currently serves on various boards, including Al Jaber Group, a privately owned conglomerate with over 56,000 employees and an industry leader in oil & gas pipelines construction work and oil rigs refurbishment, where he oversees the undergoing operational and financial restructuring as an Independent Director since December 2016. Prior positions include senior roles with ANZ Investment Bank and Standard Chartered Bank.

[gunsofmarscapone] 24/1/2017 09:53

BillyTKid

I completely agree with you, what we do not want is further capital destruction. Time to wrap this one up.