Bowleven Share Discussion Threads

[joe say] 15/3/2017 15:06

Omg all this nonsense being spoken about the non executive chairman holding the aces

The guy is lucky to still be in a job imo and fortunately coc are in the driving seat and about time too

Failed strategy by a self interested board who even in announcing their loss still tried to get one cheap dig in

Hopefully other tired boards (and their shareholders) will take note

Yours a non major institutional shareholder

[fatnacker] 15/3/2017 14:28

ihavenobrain, just in case you missed it, apparently you did.


" The PEA application was submitted by Bowleven to the Cameroon authorities as requested"

[loglorry1] 15/3/2017 14:19

It won't come to another vote again but if it did it would be much easier this time for COC to propose and pass new resolutions. This is because the new BoD won't countenance the large spend and effort to canvas the large turn out we just saw.

If resolutions were proposed quietly I doubt more than about 40% of votes would be cast. That means with COC at 22% they could get them passed. They won't need to do this however but the threat will be there if they needed it so I suspect the new strategy will be as they have stated it will be.

Log

[winnet] 15/3/2017 14:17

COC have won a victory, they will not agree to no change.

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but they cannot force their strategy on us. Key point.

Its a draw IMO.

I am hoping they get together and agree to get a new CEO aligned with the existing strategy and move on developing Bomono and Etinde, possibly get some new assets on board.

There is no way Billy will agree to COCs strategy. IMO

[hernando2] 15/3/2017 14:08

Billy is the non executive chairman..he does not run the company..he contributes to and gives challenge to strategy. He does not create it. He is not seen as an employee of the company.

He is also Chairman of another company , not non exec it would appear.

he will at best be working 1 or 2 days a week on Bowleven activities.

IMO he has failed in the past to hold the board to account and there will be discussion as to his future

The composition of the board and most importantly who will be the new CEO of the business, will be the first order of the day.IMO

Once this is decided and roles agreed, then the next set of decisions will be about the VOG deal and the structure and composition of the company as a result.

COC have won a victory, they will not agree to no change.

[winnet] 15/3/2017 14:06

how would you remove the chairman, without putting another vote to shareholders.

COC with 22% have no power to force him out as things stands and he could, veto any and all propositions put to him

Far from it, i would say he is holding all the aces.

He also has the support of the staff who know they'll be getting their P45s in short order if COC get their way.

[cyan] 15/3/2017 13:59

It would not be too difficult to remove Billy, if needs must. His hand is weak.

Is he is he a pragmatist?

[oilretire] 15/3/2017 13:58

Edison comment -

The results of the Bowleven general meeting (GM) were released this morning, with eight of the nine resolutions passed. This has led to the removal as directors of all but two of the board: the chairman Billy Allan and COO David Clarkson. They are joined by two additions proposed by Crown Ocean Capital: Eli Chahin and Christopher Ashworth. The results of the votes were all close run, with between 49.4% and 54.8% voting for. Given this, and the split board, we are unsure as to the near-term future for the company’s strategy. We would expect the new board to meet as a matter of urgency to look to resolve this uncertainty.

[benjimun] 15/3/2017 13:54

Ihave..
Yes if COC are true to their word they will be happy to make peace with Billy and hunker down for the value of etinde to be recognised.
VOG are clearly happy to proceed as is with Bomono, COC will want the operatorship of Bomono to be given to VOG I imagine. That decision will be the big clue as to the future direction of the company if Billy blocks this then we know his intentions towards COC and the future direction of the company.
COC then have a decision to make, fight on or sell out all or a partial holding.

Its all suppossition at the moment, I dont have enough experience to seond guess the likely outome of the vote as whether Billy will still be there nebxt week or not.

Anyone willing to offer up the most likely scenarios?

[ctc1] 15/3/2017 13:48

CO stymied on a number of fronts it seems.

[winnet] 15/3/2017 13:48

who are COCs beneficial owners?

[alamaison5] 15/3/2017 13:47

good bloody riddance i say x 10!

[ihavenoclue] 15/3/2017 13:28

Benji ... fair enough ... yes the price would be lower but now that we have the leeches removed from the board the cash drain will be significantly reduced so will be able to wait and be in a stronger position at the end of it :)

[dalem2uk] 15/3/2017 13:19

VOG RNS out confirming only they can terminate the new agreement with BLVN due to the board changes.

[benjimun] 15/3/2017 12:55

Ihave....

Well alot is perspective COC did put in a caveat thet they would listen to any offers prior to etinde development. Selling etinde prior to appraisal to me would be a low price.
My comment was more along the lines that it would appear that Pi's were suspicious of COC motives and seem 'engaged' as to the future direction of the commpany. I suspect that any offer for the assets 'as is' would be rejected.

[hernando2] 15/3/2017 12:43

hxxps://www2.deloitte.com/content/dam/Deloitte/za/Documents/governance-risk-compliance/ZA_TheRoleOfTheChairmanAsWellAsValueOfANonExecutiveChairman_04042014.pdf

Ion fact i would argue that he has ben in dereliction of his duties as described in this report...

[benjimun] 15/3/2017 12:42

Winnet,
I agree COC having a clear mandate to carry out their plans is looking weak, they do not have the votes at board level to implement what they want. Taking out the COC votes the PI's gave a clear mandate opposed to the plans, despite what some vocal posters here might say.
If Billy does not play ball then COC essentially have a presence on the board monitoring their investment, interesting times ahead.

[ihavenoclue] 15/3/2017 12:39

Benjimun
15 Mar '17 - 12:28 - 15707 of 15707 1 0

It is clear that they will not be able to get Etinde sold at a low price.

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

It was only some posters that suggested here and on other boards ... never by CoC.

[hernando2] 15/3/2017 12:37

Billy can't...he is a non-executive chairman..

[benjimun] 15/3/2017 12:28

Hernando,
This is where things will get interesting, Billy will be quite happy to give COC a bloody nose by running BLVN as an oil and gas company rather than a shell and not returning cash as muted by COC. It is clear that they will not be able to get Etinde sold at a low price.
I would be happy with that also, if Billy has the support of II's then and a new CEO is recruited I would be happy for producing assets to be purchased and develop etinde.
This might well get more II's back on board now KH is out and a re-reate might well occur.
It ould be interesting to see what COC would do, if a respected CEO came in would COC hold long term as per their value investor credentials, indeed they could offload their shares to II's for anice result for them.

[belo horizonte] 15/3/2017 12:22

Maybe Billy will make himself Executive Chairman, after all he has the deciding vote.. :). But seriously, someone has to make decisions even in a company with only minority holdings and Billy is as good as anyone for that.

[sivadnoj] 15/3/2017 12:10

Crown are pretty clear that they have been given a mandate to do what they said they would. Good luck to them.

"Crown Ocean Capital P1 Ltd ("Crown Ocean"), a private investment company, which is the beneficial owner of 22% of the outstanding issued ordinary share capital of Bowleven PLC ("Bowleven" or "the Company"), notes that all but one of the resolutions put by Crown Ocean to the General Meeting of Bowleven shareholders, held yesterday, have been passed.


Crown Ocean would like to thank fellow shareholders for the support they have shown for change in leadership and direction at the Company. Shareholders have provided the new board with a clear mandate to implement a new strategy as outlined in Crown Ocean's Open Letter to Bowleven Shareholders of 15 February 2017".

[slipanchor3] 15/3/2017 12:07

This is a good vote for BLVN shareholders and the narrow majority send a message to COC that we can and will exercise our right to vote.

It also sends a message out to the management of other AIM listed companies that they
are paid to produce value for shareholders and not to use company assets as a cash cow for their self-serving lifestyles.