Bowleven Share Discussion Threads

[winnet] 13/3/2017 12:09

Excellent post Le Com.

[loglorry1] 13/3/2017 12:09

Le_comm you forgot point 9)

The discount the market was applying to the assets because they were well aware that Hart was most likley to "evaporate them" will be removed. This is what made the shares trade at under cash value and gave no value at all to Etinde or Bomono for so long. It's true though that this re-rate has happened to a greater or less extent already.

[le_commissaire] 13/3/2017 12:03

Dan

You know as well as i do that Etinde was sold in theory months ago (?)

Jag/Cy

You both have the tiger cornered and are spot on.

At times, such as the 'sweet and sour' post and informing that the EEAA had been signed an hour after it had been (what now seems a lifetime ago), i regularly added IMPO etc for obvious reasons.
But in saying that, i wonder at disbelief at how chinese whispers can be more successful than actual truth and localised knowledge when it comes to herding in pi's to suit the aims of the few

Both COC and the existing BoD have done this to varying degrees in this campaign and posts of "COC have our best interests at heart", should i am afraid not be investing on the markets as naivety is not a trait with which to do so.

There are a number of cold hard factors that shareholders need to accept now that the BoD are out :

1. Etinde pre-arranged sale to NA (?)

2. Various paid for mouthpieces first in the queue with instant discounted options, from back street activist pundits, rag web editors, convenient ii's, the list goes on... (?)

3. BLVN as a holding company will be no different than the description, a cash dispenser in which there are a few but convenient legal clauses that make Cyan's "they could not sell Etinde quickly without shareholder consent", totally defunct. (?)

4. BLVN from tomorrow will have zero interest to II's or fund managers as they will be aware that there are no assets to invest on the back of. (?)

5. If the new BoD of which none have any experience in the industry and a skeleton experience of actual hands on management, wishes to look for producing or developing assets in the O&G sphere, they will not be taken seriously by the governing councils, tribal leaders etc throughout Nigeria, Cameroon, Chad....etc (?)

6. After tomorrow, each single share you hold will literally be a percentage value of cash at hand + cash value of the heavily discounted sale of Etinde.
You will not be invested in an O&G company, you will be invested in a cash & carry, nothing more, nothing less. (?)

7. Due to point 6, the volatility and movements in the share price will be down to singular short term speculative investment to a possible dividend, nothing more, nothing less. (?)

8. Due to point 7, there will be no sub-base to the actual value which will make BLVN a daytraders delight and for hopeful LTH's more of a trial than under the BoD's previous stay.

In effect, BLVN as an industry name and more or less as a trading entity based on base assets bar cash will cease to exist. Pi's will be buying and selling stock to each other in short trades like Tom Cross's company on speed.

The question marks appeared to cover one's ar"e.


Let us call a spade a spade and a trade a trade, COC have pulled a flanker and good luck to them breaking into the safe, the BoD have walked into it and the average pi has once again been shafted in a way that Pete Landau or Lenigas would be extremely proud of.

[cyan] 13/3/2017 10:33

I think that the critical point is that COC proposes that the business model is based solely on the holding of one huge asset ; ETINDE.

As such, under AIM rules, if they intend to sell ETINDE for a gigantic wad of cash ; they must first get shareholder approval.

[ctc1] 13/3/2017 10:32

cyan, ok thanks

[cyan] 13/3/2017 10:25

Rule 15 was slightly amended in 2016.;





2. AIM Rule 15: Rule 15 (fundamental changes of business) has been amended in relation to an AIM company which becomes a cash shell following a fundamental disposal. The previous Rule 15 provided that an AIM company which became a cash shell following a fundamental disposal was deemed to be an investing company. This meant that the AIM company had to obtain shareholder approval for the disposal and its proposed investing policy, following which it would then have 12 months to either implement the investing policy or make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14. If the AIM company did neither within the prescribed period, trading in its shares were suspended.

According to the Exchange, the purpose of this rule is to enable AIM companies, where appropriate, to continue to access the benefits of the market following a fundamental disposal. However, the previous Rule 15 resulted in some companies remaining on the market with limited cash balances which were insufficient to enable meaningful investments or facilitate the functioning of a fair and orderly market in that company’s securities.

Rule 15 has therefore been amended to provide that an AIM company that becomes a cash shell following a fundamental disposal will no longer automatically be treated as an investing company but will instead be regarded as an AIM Rule 15 cash shell"

" This meant that the AIM company had to obtain shareholder approval for the disposal "

[winnet] 13/3/2017 10:09

Sold a large % of my holding over the previous few sessions, after a great deal of thought.

I have my reasons, very similar to those held by Le Com.

Still got some in play, but I genuinely do not think COC will be good for BLVN as i have explained on multiple occasions.

[ctc1] 13/3/2017 10:04

I am under the impression that company law states that a subsidiary of a holding company does not require share holder approval. They intend to make blvn a holding co.

[cyan] 13/3/2017 09:48

As for any disposal of ETINDE, please read what COC published;



"We are convinced that Etinde bears an enormous potential and value creation opportunity for Bowleven. We want the Company to focus on Etinde and work constructively with its partners to prove up more reserves and successfully develop the field. The Bomono project should be reviewed in detail by the new, independent and unbiased Board solely based on the objective project facts to establish how to proceed. All relevant data (e.g. NPV, reserves) should be disclosed to shareholders, which is in contrast to the current Board’s approach of withholding vital information. Based on the results of the review, the Board should select and implement the option that protects shareholder value: becoming a non-operator through a farm out, a sale, or simply abort the project with minimum required cash spent. In future, no time and resources should be spent on ne projects or acquisitions. We note that any potential future disposal of the stake in Etinde would be conditional on shareholder approval pursuant to AIM rule 15;
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

"We note that any potential future disposal of the stake in Etinde would be conditional on shareholder approval pursuant to AIM rule 15."

[qs99] 13/3/2017 08:06

looks like market likes the article IMO

[ctc1] 13/3/2017 07:39

Once Euroil is made a subsidiary of blvn as a holding company, the share holder has no vote in decisions on it's assets, i.e. etinde.

[neilyb675] 13/3/2017 06:48

ST reports Hart etc minus Clarkson will resign at EGM on Tuesday.
-----------

Amen to that.✔

[cyan] 12/3/2017 22:03

Administrator!?,Oh dear. Put BLVN behind you tli8jaguar. You have made your call and sold. Time will tell if you did the right thing.

[tli8jaguar] 12/3/2017 22:01

Well, I am going on my new board now. Bye bye Cameroon, Morocco and Egypt here I come.

[tli8jaguar] 12/3/2017 21:57

Oh I forgot, isn't it something about a firesale, the higher percentage of shares get higher pay out by the administrator.

[cyan] 12/3/2017 21:42

The point of contention is how much will be paid out in the dividend and the final sale price.
We should not forget that COC can not simply give us away for next to nothing.

Ultimately we will have to vote and approve the final sale price.

Do not forget the 14 million COC paid 34p for. They will want a good profit on top of that.

[cyman] 12/3/2017 21:36

Regretfully I tend to agree with jag. It is the most straightforward likely outcome and coc have not said anything to dispel this theory

[cyan] 12/3/2017 21:36

I do not Know WShak , however I do listen to all, but have learnt to do my own research.
I reckon there ought to be North of 50 p return per share (including the dividend). Imo . My guess remains at 53p.
There could be another 20p worth if the appraisals are great, imo.
Time will tell.

[tli8jaguar] 12/3/2017 21:30

And Cyan, that's the best scenario I can think of.

[tli8jaguar] 12/3/2017 21:28

Cyan, I sold all my BLVN shares last week, you don't really think I trust WShak that much do you? My average was 52p, so obviously I made a loss, but it is still better than waiting and wondering how hard COC going to shaft us.

I think the cash will be shared out as a special dividend, then the share price will tank. Few months later Etinde will be in a firesale, may be $50 million. So you will get your 27p special dividend, then your 15 cents.

[cyan] 12/3/2017 21:15

So tell us what you think will happen and why you did not sell out?

[tli8jaguar] 12/3/2017 21:05

In your dreams Cyan.

[tli8jaguar] 12/3/2017 21:03

I wish KH all the best with his new career in horse racing. He is too trusting in people to be a CEO of an oil company.