Bowleven Share Discussion Threads

[loglorry1] 15/3/2017 19:26

@iamthedog probably COC buying more see WShak's earlier post.

[benjimun] 15/3/2017 19:20

Warbaby,
I disagree if everything Billy said in the build up to the vote was genuine then he was given the job by the share holders to provide proper stewardship of the company in parnership with COC.
He might well take it upon himself to resign but I hope not as the voting patterns clearly show a pro board bias amongst the smaller holders. I fee more comfortable of successfull outcome of etinde development with him there.

[warbaby43] 15/3/2017 18:54

Cameron had the sense and the grace to recognise the impossibility of his position on 24th June and I fully expect Allan to be similarly sensible and gracious now.

[iamthedogman] 15/3/2017 17:31

£2.1m shares sold after hours.............directors baling out ??

[benjimun] 15/3/2017 17:08

Warbaby,
'exact opposite course to that of COC', so you mean the BoD was looking to offload etinde as quickly as possible.. No the approach for the etinde assets was the same.

The disagrrment was the BLVN as an ongoing concern or holding company.
I hope Billy stays on, it would be good for us if he does IMHO.

[pugugly] 15/3/2017 17:04

for those in doubt the Shareholders voted for a change as did the UK population in the referendum - Percentages are very similar - Mrs May says "BREXIT MEANS BREXIT" In the case of BLVN CHANGE MEANS CHANGE- What the changes will be in either case is uncertain but (imo) timelines could be similar.

[warbaby43] 15/3/2017 17:02

I am fully expecting Billy to feel it incumbent on himself to resign in the next few days, not least to protect his own credibility going forward.

He was very visibly (remember the website pics and videos) at the forefront of a campaign that represented an exactly opposite course for the company to that of COC, so very difficult to see how he can credibly lead the company on so radically a different path now.

[ihavenoclue] 15/3/2017 16:40

winnet15 Mar '17 - 14:17 - 15723 of 15743 1 0

Its a draw IMO.

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

I doubt KH would agree

[cyan] 15/3/2017 16:33

Question; Do you think the present deal is in our best interests?
How about a different , clean break deal?

[iamthedogman] 15/3/2017 16:28

Extract from RNS re VOG 6.3.2017

Completion is subject to, amongst other things:

Ø The grant of a PEA over the Bomono PSC. The PEA application was submitted by Bowleven to the Cameroon authorities as requested following Ministerial approval for the award of a two-year extension to the Bomono PSC (to 12 December 2018);

Ø The approval by the Cameroon Government of the assignment of the equity interest from EurOil to GDC Bomono; and

Ø Should these conditions precedent not be satisfied by 30 June 2017, both Bowleven and VOG have the right to terminate the Agreement.

Question....what if conditions in last para not satisfied by 30.6.2017.....Is it in BLVN interest to delay beyond 30.6.2017 and re-negotiate agreement ??

[winnet] 15/3/2017 16:15

Billy did get through by a small margin, but spare a thought for poor old Tim - voted off by an even smaller margin.

There's no way COC would get similar support if they tried to oust other directors now Kevin the scapegoat Hart has been sent off...

[cyan] 15/3/2017 16:13

Hey Le_com ,Are you watching the shorters getting fried to a crisp over in RKH.?

[billytkid2] 15/3/2017 16:09

Interesting situation. I think Winnet is wrong if he believes that Billy will be fighting these guys and trying to maintain the status quo. I think he will will move inline with COC strategy or resign. Its not like he owns a big chunk of the company and all of his colleagues bar Clarkson have been dumped. Why would he want the headache? He is a non exec Chairman who probably works there part time, he will want to get on with his career and put this behind him.

[gark] 15/3/2017 16:06

So while they have all ceased as Directors, none of them have resigned from the company or been forced to quit. If that is correct, not much had changed yet.

[cyan] 15/3/2017 15:58

Billy got through by a whisker. It really would not need very many , like me, who did not vote for him to leave last time to change their view. COC do not need to buy that many extra.

[joe say] 15/3/2017 15:54

21% gives you a lot of firepower - especially when a similar volume find it too difficult to complete a voting form

[benjimun] 15/3/2017 15:50

Winnet,
I think the more likely out come is that Billy will work with the COC but there will be some give and take.
COC could buy 30% in BLVN and force another EGM, however I dont think that it would be clear cut for them to win, COC supporters assumed it would be a landslide this time around and it wasn't. If Billy looks to recruit a top notch CEO with a proven record would back him over COC, I think COC might be in for a shock.

[joe say] 15/3/2017 15:43

Well let's just wait and see

[winnet] 15/3/2017 15:36

interesting to see all the COC supporters now calling for another vote "if he stands our way".

Fact of the matter is that its likely thats what will be needed because my vision, like Billys, is not COCs vision.

I agree with Shak, once the hornet is in the nest, its going to be hard to remove them.

LOG - I happen to totally disagree with you. It was the COC side putting our fear and false information to shareholders not our board. The campaign was noisy with the simple aim of getting control of our assets. They (you, shak and others) have singularly failed, this time.

I'm not suggesting you/they will give up. I'm sure they won't.

But to think COC will impose their strategy on the board, with Billy as a deciding vote, is fanciful in the extreme.

[joe say] 15/3/2017 15:25

They are a material shareholder with both institutional and pi support who have active plans as to how to move the company forward, something the previous board lacked

The non voting shareholders ( including those supposedly loyal to the old regime) will vote and go with the money

As is always the case

[loglorry1] 15/3/2017 15:21

Why so funny winnet? I think without the BoD spending as much time and money as they did there is no way they would have git the result they did. The documents produced were extremely biased. There was a fear campaign against COC which worked to create distrust.

I think that's unlikely to happen again.

[wshak] 15/3/2017 15:20

winnet,

Billy Allan survived by a hair's breadth. If I were in Crown Ocean Capital's position, I would simply buy another 10m shares, then sit back to see if he was going to be obstructive in carrying out the "hold what we have" strategy.

If he was going to be obstructive, I'd call another EGM to either get another guy on the board, or remove Billy. With the extra shares on board, it'd be a shoo-in.

Ideally, I'd like to see everyone working together on the new strategy, and he could stay in place.

[hernando2] 15/3/2017 15:17

I expect he will resign in the next few weeks, as his position will be untenable, he cannot try and push the old strategy it is not his role.

[winnet] 15/3/2017 15:13

Joe,

Explain based on your understanding of corporate boards and corporate governance, how COC are "in the driving seat".

Do you mean they can pass a resolution at a board meeting or impose their strategy on other shareholders?

As for Logs suggestion that COC can have their way by "quietly" calling another vote. Thats pretty funny.


Shhhhhh! :-)