Bowleven Share Discussion Threads

[winnet] 15/3/2017 11:13

Shak - The same could be said for the BoD, and they have directors elected who support it.

hxxp://www.bowleven.com/system/files/uploads/financialdocs/FINAL%20circular.pdf

"Your Board is committed to maximising value from the Company’s assets through the implementation of its corporate strategy."

hxxp://www.bowleven.com/about-us/vision-and-strategy

Creating and realising value through material exploration success and development:

Build a sustainable E&P company with a production base and infrastructure-led exploration focus
Convert current portfolio resources to reserves
Create and realise value through material exploration success and development
Seek value adding partnerships and niche acquisitions that offer a strategic fit
Foster strong external partnerships and in-country relationships

[le_commissaire] 15/3/2017 11:11

Wshak

The only problem with "maximise value for existing assets" is that it equates to a long wait for monetisation through FFD with NA & LUK, or bested by an offer on the table for the remaing 20% which if you take Bomono off the table (will we hear from VOG), that leaves very little maneuverability.

A question i ask myself as someone who may be interested in taking a buy back price after the volatility calms down, is will having Billy and possibly a new CEO who has actual O&G experience equate to taking on small but regular revenue opportunities with the cash. The PoO is floundering once more and oil stocks, drill recs are still growing.

Would Billy now do what he wanted early on in his stance without Hart and start looking for acquisitions ?

It is ok for COC to not want to grow the company but even a 1y student knows that cash preservation in any commodity industry needs to have a certain degree of investment hedging against general operational loss while a non-producer.

To wish to sit on the cash, maybe a divi and wait for Etinde seems a little strange to me as an investable proposition.

[wshak] 15/3/2017 11:07

Crown Ocean strategy is very simple and they have nominated directors who agree with it.



CALL FOR CHANGE BY CROWN OCEAN

We propose a new independent Board that is capable of and willing to drive shareholder value with a simple, clear and focused strategy and finally put an end to the wasting of shareholders’ capital:

Focus on maximising value of Etinde interest, no resources should be spent on new projects or acquisitions

Radical cost cutting of administrative expenses to US$1-2m p.a.

Maintain cash buffer to secure the development of Etinde and be a strong participant in any negotiations

Return excess cash to shareholders in a tax-efficient manner

Let’s be clear: we are not making a takeover proposal or attempting to gain ‘control’. There is no ‘deal’. Our proposals for change are in the interest of ALL shareholders. We are fully aligned. We invest our personal wealth.

[wshak] 15/3/2017 11:02

fft,

The only thing that New Age can discuss with COC is a price for their shares - COC can't sell them Etinde directly . Only BLVN shareholders (all of them) can vote on that.

winnet,

COC's strategy has been clear - they don't want to grow the company, they only want to maximise value for existing assets. I've spoken to them, and agree with this strategy, which is why I voted for their resolutions.

If you want further speculation with the BLVN cash pile, you're going to be disappointed.

[le_commissaire] 15/3/2017 10:52

Winnet

Just read your post re Sam Moody for CEO.

BLVN with him in the seat? Now that IS something i would invest in.
The situtaion with RKH is not the same as BLVN. Sam and the BoD have always been excellent at managing the stable such as the mini cash cows (Hart look and learn).
The share price is the share price and the FLK's assets are the assets, the share price is merely an opportunity not a problem to me as an existing shareholder.

One guy i have complete respect for and very content to be an RKH shareholder.
His interjection with the partner for PMO fully showed his class last week.
This is how Hart started on the BLVN track and at first was a powerhouse but was soured by a very inept and very poor choice of team players over time.

[fft] 15/3/2017 10:51

Interesting question. No one from COC is directly on the board. Therefore, if NA (for example) was to commence very casual discussions with COC as to the sale of Etinde, would COC be bound by the usual rules of not being able to buy more shares in BLVN ? Normally, a shareholder is 'taken inside' by a director or other shareholder on the basis of info that they are about to receive. But, if COC receive the info first, before passing it on the company, would they be deemed as 'inside' until they passed it on ?

[wshak] 15/3/2017 10:50

warbaby43,

I don't think Allen's existence on the board is a problem, despite what has been said. They should act like grown-ups. I'd have listened to Hart if he'd rang me about the vote, regardless of what I've said about him in the past. I'm pretty sure I would have ignored what he had to say but, if he had any evidence of COC's dastardly intentions, I would have listened and may have even voted against the resolutions.

As it is, I found COC more credible and straightforward to deal with.

[ihavenoclue] 15/3/2017 10:49

winnet
15 Mar '17 - 09:52 - 15671 of 15683 1 0

Haven't you already fully sold out now ?

===

No. I actually have got a few more this morning!

===================

Ooooo how sneaky of you !!! ;)

[benjimun] 15/3/2017 10:49

Wow what an interesting result, I think the chairman staying is good news, how easy would it be for them to replace him? Excuse my ignorance in advance.
It is interesting to reads le_comms opinion on the 22% COC not being accessible hard cash,I penned something sbout that on this board last week, COC having that amount of cash to hand. Will be interesting to see next actions and whether COC buy more sell down.

[wshak] 15/3/2017 10:41

winnet,

Hart has always been the driver of this company - unfortunately he drove it into the ground. Billy Allen won't be looking to spend money, unlike Hart.

I don't think it is necessary to remove him, but can't see why he would object to BLVN becoming a holding company, which is the wish of the majority of BLVN's shareholders. that is the strategy that COC put to shareholders, and the one I backed with my own votes.

Costs need to be stripped to the bone at BLVN, to make sure that we can wait for Etinde appraisals to be drilled at minimum cost whilst we are waiting. If someone wants to bid for our assets in the meantime, they are free to do so, and shareholders can vote on it.

[warbaby43] 15/3/2017 10:39

Given, a) the ferocity with which Allan pursued the Project Fear campaign and b) his radically scenario of continuing to spend on Bomono and acquisitions, difficult to see how he can credibly continue as chairman.

A united board "singing from the same hymn sheet" going forward would seem an absolute pre-requisite after an election with such stark alternatives being offered.

[winnet] 15/3/2017 10:34

Whatever, they are history, and good riddance.

-------

But who do you mean by 'they'. Hart is gone, as are a couple of NEDs and a finance director that was never qualified to do the job anyway.

Clarkson and Allen are still there. Allen has a deciding vote as Chairman, so any strategy need to be agreed by him.

Do you really think hes going to allow COC to turn us into a holding company. I somehow doubt it.

I suggested that COC should be offered a seat on the board, now they have two. But such is the level of opposition to them, we shouldn't be dancing to their tune.

IMO

[johnwall] 15/3/2017 10:29

Isnt it the case, formally at least, that KH is still employed by BLVN as CEO? AIUI the vote yesterday only removed him (and the others) as Directors - it didn't automatically terminate any other appointments?

[aphrodites] 15/3/2017 10:28

Well done indeed COC.
Nothing like a good old shake of the tree by the MM's!!!
I can't see COC wanting the share price to be materially below the price it paid for a good percentage of the stock it bought recently.
It will also not want to disillusion the remaining shareholders for whom it wants to create value for staying with BLVN and voting for the change of Board.
Hopefully, all those who have stayed with BLVN and who voted for the change will be rewarded by a more pro-active COC team.
Let the MM’s play their games but do not allow them to pick up cheap stock.

[le_commissaire] 15/3/2017 10:27

Sphere

The ii's are certainly not morons. They may be immoral, duplicitous, mendacious and at times downright fraudulent but most are clever basta*rds (bar JPM for screwing up our solar licences in Nigeria - thick as PS).

When i said that COC are low in the food chain, it was not a reference in comparison with our own group, nor any other boutique group, it was a comparison to the industry levels.

[wshak] 15/3/2017 10:22

sphere25,

There is a built-in snobbery amongst institutions that has ensured that corporate governance has remained unchallenged for as long a I can remember. Even today, BLVN stated:

All MAJOR institutional shareholders remaining on the register of members of the Company after posting of the Circular voted against all of the resolutions.

Notice the emphasis on "major".

My own votes would be termed institutional in size, but not "major" - approx 4.4m shares. Laughably, Crown Ocean Capital themselves could not be described as "major" either, despite holding 22% of the company.

Whatever, they are history, and good riddance.

[joe say] 15/3/2017 10:18

Petulant RNS let's see what the spineless FCA have to say about this - there surely can be NO value in providing a what if analysis

Good riddance to the parasites but please keep the payoffs to a minimum

[le_commissaire] 15/3/2017 10:18

D1NGA

Hart could have stayed if a group of drunken loutish ex pats from cape town would have kept the shares and voted against his resolution.

How fickle fate is and how very silly this whole situation is.
After seeing Billy retained even though i guessed that he would be, i half expected bonzo the clown to appear as CEO.

[d1nga] 15/3/2017 10:11

Hart could have stayed if he'd sold his stsble of horses liquidated all his other assets and lumped in heavily here when the raid was in full swing , he chose not to, that says it all to me!!

[cyan] 15/3/2017 10:01

I would never throw a rotten egg your way Le_com.
We just disagree on KH's value. I saw him as an expensive risk taker to wedded to exploration and not realising value properly.

I bet you are pondering whether to buy back in on weakness, lol.

The numbers for me are compelling. I Just hope the appraisal drills produce well.

[winnet] 15/3/2017 09:52

Haven't you already fully sold out now ?

===

No. I actually have got a few more this morning!