Bowleven Share Discussion Threads

[hernando2] 03/3/2017 10:13

Log if that happens I will probably buy in to that scenario..although KH and the board will spend the dosh and a rights issue will be needed IMO

[wshak] 03/3/2017 10:12

Hi le_com,

This is no coincidence and no conspiracy theory. If COC can use phone calls. Iffy promises to HNWI's and twitter accounts then the BoD have a right to issue as many RNS's that they feel is needed.


Some people's naivety is astounding and it is that naivety which will have BLVN be sent to the dust as a trading entity while management fees, extra curricular investment in related non O&G companies and sheer bloody minded stripping.

You reap what you sow i have lived by and in this case, i personally feel and professionally feel that the average pi will end up with a handful of sour corn

I've received no promises from COC, and it would make me extremely wary of them if I had.

Al I've been provided with is a stack of references who appear to be happy to vouch for the guys behind the firm. One of those references is on the board of one of the largest 3 banks in America. Others have had extremely successful careers.

My main concern was always that COC would strip the company of cash in a series of related party transactions, using patsy directors. I don't think that will happen as all the due diligence I've done merely confirms that they are deep value investors, not crooks.

There are no guarantees, obviously, but I'm happy enough to vote in favour of their resolutions. The thought of Hart and co. remaining on the board to squander what is left doesn't bear thinking about.

[sivadnoj] 03/3/2017 10:11

"Etinde is very much his project, being developed with Russia’s Lukoil, and he can’t actually remember the last time he even had contact with Bowleven."

No doubt we'll now be treated to another RNS correcting this erroneous view!

[loglorry1] 03/3/2017 10:08

If CoC don't get their resolutions passed. The price will drop back down to cash or just above. CoC will just start buying more at that point and re-table similar motions. It's just a matter of time for Hart unless he can actually do something positive to get some proper support.

I don't understand le_comm's view. I don't think the facts support it but sure everyone's entitled to a view.

Perhaps the most important point is anyone who is disillusioned with KH AND doesn't trust CoC will have sold out into the rise CoC have created. The only people voting against the resolutions will be true KH believers. There won't be many of them.

[billytkid2] 03/3/2017 10:08

I don't think this board is awash with COC voters, it seems reasonably balanced to me. Not too much mud slinging and generally coherent arguments from both sides. I'm a LTH but I'm voting for the resolutions.

[hernando2] 03/3/2017 10:05

The posters that support this shower in my view are naive beyond belief, i have been a holder for years....

I remember first buying i and spoke to a well seasoned stock holder, his fist comments was,

' do you see how much these people are paid and this was before they paid 400k plus benefits to a an inexperienced FD.

He said i wouldn't get involved, as these types of people only look after themselves.

how right he was...

This is my last Aim share, the governance on AIM is lamentable, and unfortunately it took me some time and money to understand that.

They tell lies by omission and give themselves massive share awards with little justification and no oversight on behalf of the shareholders. Thats BLVN included.

Time they were gone and let the money men make the shareholders some money

IMO

[cyan] 03/3/2017 10:03

I will be submitting my votes today. On balance , imo, the board may just shave it.
I will be voting KH out .
My other votes are for a couple of other board members to go and to vote in one from COC.
I suspect COC will not be rushing to dump the shares and cut their own throats to some extent. They have attracted enough support to justify a voice on the board.
A coming together of minds will be required and the removal of KH is key for me; it clears a roadblock in the decision making processes that have paralysed the company.

[wshak] 03/3/2017 10:03

Bowleven does seem to have one promising oil prospect — Etinde, which is offshore Cameroon. But it’s already taken much of the cash off the table there, reducing its holding to 20 per cent.

The operator at Etinde is New Age, a rather active privately-held E&P operation backed by Vitol, private equity and a US hedge fund. The chief executive there, Steve Lowden, says it doesn’t much matter to him who is running Bowleven, since the AIM-listed company is effectively a sleeping partner. As far as he is concerned, Etinde is very much his project, being developed with Russia’s Lukoil, and he can’t actually remember the last time he even had contact with Bowleven.

All quite odd.

[hernando2] 03/3/2017 09:42

Slip.

that appeal has gone out before and it seems there is no evidence to support the statement , that they are 'dirty' or their attempt is 'dirty', same thing IMO

they get called just as much as the board, the difference is of course that there is plenty of evidence of the boards actions...

[slipanchor3] 03/3/2017 09:40

Le Com

I have my reservations about giving COC full control of the Company and I would feel a lot happier if it was the likes of Crystal Amber running the activist group.
The company arrived at a crossroads where something had to be done to stop KH throwing good money after bad and there was nobody on the BOD who had the balls to do anything about it, due to the fact they were all feeding from the same trough anyway.
I'm not sure whether COC where invited or they seized the initiative themselves, but the invitation was out there for all to see due to the incompetence of the BOD and if it hadn't have been COC it would have been some other form of restructuring.
In defence of COC, I just wish someone could come up with some factual evidence to prove that they can't be trusted.

[hernando2] 03/3/2017 09:29

I don't think COC are dirty at all, they seem sensible businessmen whom see a poorly managed company being driven into the ground..and think they can make some money for themselves...and coincidently I broke even because of them...as will many other PI's that believed the guff and bought low

[tli8jaguar] 03/3/2017 09:23

At the AGM last December, there were 69.5 million voted for KH's re-election,and 50.25 million against (figures supplied by a LSE poster).

So out of 50.25 million, 42 of those owned by COC, that left 8 million votes from the PIs.

You wouldn't think there was only 8 million voted against KH's re-election, the way the posters here are carrying on.

[winnet] 03/3/2017 09:11

tli8 - I doubt it.

This attempt is dirty, but legal.

I cannot see what COC are doing wrong that would warrant an intervention.

They way to handle this is to hold the share and vote against, with the BOD.

[joe say] 03/3/2017 08:46

Annoyed by being approached by mail, phone and needless RNS's - this board should go - but I'm not interested in the rival group either

Aggghh !

[tli8jaguar] 03/3/2017 08:42

I wonder if the BOD have enough proof now(to the high court)----- for the protection of the shareholders-_-- that the general meeting should not be held.

[cyman] 03/3/2017 08:04

Wouldn't worry Leedskier most posters here hold enough shares to fill a coffee cup. But there are a few who collectively hold 10% of the company.

[leedskier] 03/3/2017 08:01

gark, it is entirely reasonable to express disquiet about the lack of progress, No one would challenge that right, even if they disagree.

[le_commissaire] 03/3/2017 07:59

Slip

Both Artemis and JPM's rights are against the resolutions fully so the differential is actually on the general pi base rather than the ii's.

The 9m we controlled that was swapped out on the 8th May is held by three south african ex pats through their individual family offices and all are voting against most of the resolutions to the list i posted earlier.

Apart from that percentage, i only know one more significant shareholder from Scotland who is also voting against most of the resolutions.

Ironically, it will be the pi's deciding the fate of the BoD,
It is commonly accepted that a majority of pi's never bother to vote hence the campaigns by both COC and the BoD to try and court the general pi's.

I voted but my vote will not count as i have sold the remaining 20%.

My decision to sell was a moral decision and not a financial one as i have said on recent occasions but recent discoveries on cosy hugs and promises for paid social media mouthpieces that we all know and loathe have simply made all of this into a circus.


To end, i am very amused at how for the last few years when shareholders struggled with a frozen trading range (JPM washing the trades) and patience abounding, suddenly when there is a quick buck to me made by so called 'activist groups', backed by the failure TW and courted by the ex drug dealing Turney, they all become experts on BLVN after buying the shares on the back of the circus elephant.

If it where not so sad to watch what will be a complete closure of BLVN as a trading company if COC are successful, it would be very comical.

Remember this statement and see how close my strange dream will pan out:

Post COC BoD.

"The current Board of Bowleven have sourced investment vehicles that the board believes will benefit the shareholders through strategic investment into extra curricular industries away from the companies core oil and gas activities.

The individual companies are centered mostly on biotech and lifestyle consumables.
The board will convene an EGM to hasten this arrangement and advise all shareholders to fully support this.
We believe that by investing in company A, B, C and Mickey Mouse that the cash balance of BLVN will be best supported to faciltate financial growth"

[gark] 03/3/2017 07:56

I am not being paid to do anything. I would be much more supportive of the board if they actually delivered on anything. Where is the farm in? Where is the permit from Cameroon? Surely if they have such a great relationship with the government they would have tried their utmost to provide them with the much needed permit for Bomono? But instead we have silence aside from circulars telling us to vote against the resolutions. That is unacceptable in my opinion and reflects on the fact that this board is not fit for purpose in my opinion (and mine only!).

[leedskier] 03/3/2017 07:52

I think it is more likely that some posting here are being paid to express opinions, than Glass Lewis.

[leedskier] 03/3/2017 07:51

Glass, Lewis & Co. is one of two prominent proxy advisory services in the world, the other being Institutional Shareholder Services ("ISS"). Glass Lewis provides governance services that support engagement among institutional investors and corporations through its research, proxy vote management and technology platforms. Glass Lewis empowers institutional investors that collectively manage $20 trillion to make sound voting decisions by uncovering and assessing governance, business, legal, political and accounting risks at issuers domiciled in 100 countries. Glass Lewis currently maintains approximately 37% of the market share for proxy advisory services. [2]

Founded in 2003, Glass Lewis is headquartered in San Francisco and has offices in New York, Washington DC, Ireland, Germany and Australia.