Bowleven Share Discussion Threads

[tiler1] 16/3/2017 13:40

Bowleven currently has 20 employees, up to yesterday 3 of them were directors. Point of reference, remember we have only just got rid of Willet. What was his payoff ? after all he would have been on the same service contract as the rest of them.

How can a company with no income or any imminent meaningful income sustain such an overhead. Our single jewel in the crown is Etinde ( always has been)and we are passengers on that bus and that is not going to change !

Anyone who thinks that NA or LO would require our input after our Bonono performance is deluded. Further to suggest we remain an active O & G explorer simply cannot be considered viable option anymore. Staying active and being operator of Bonono makes no commercial sense and another option IMO will be negotiated.

Unfortunately yet again in true Bowleven style we injure more contempt. Our non exec Chairman being petulant and churlish, if he had anything about him he would have publicly credited COC and made firm commitment to work with him to the benefit of the company and its stakeholders. With or without our disaffected Chairman this company has to completely changing the DNA and address all of the obvious concerns relating to staffing levels, salaries, PR and its overall high cots of G & A.

Personally glad to see the back of them

[cyan] 16/3/2017 13:31

If no-one else changed their votes Roberto Mancini and I could between us two swing our votes and remove Billy. Get with the program Billy or walk.

[roberto mancini] 16/3/2017 12:58

I also voted to retain the chairman.

IMO if KH is still pulling the strings, Billy Allan has to go and I will vote accordingly at an EGM to see the back of this puppet. I own 900k shares so that would be a swing of 1.8m votes in COC favour.

So will G&A still be running at $8m per annum?

[le_commissaire] 16/3/2017 12:31

One regular comment made is that COC are quiet and 'where is the rns from them".

One point to realise is that COC are just shareholders who happen to now have seats on the board. They would not be needed to nor able to issue an rns directly from themselves as Crown Ocean Capital.

In short example, we are floating the CBM company later this year.
We will issue RNS's concerning the CBM company.
Our Wealth Management company in Cape Town will own 33% of the CBM shares and i as CEO will sit on the CBM BoD.

We/I would not issue an RNS from Cape Town as we are not listed nor would any shareholder of the CBM company expect us to apart from related holdings notifications.

Exactly the same situation with COC, as Wshak says, simply investors who now have a seat.

In effect, it may be quite quiet for a while.

[benjimun] 16/3/2017 12:26

I'm sure a 20-30% premium from here would be acceptable to the majority.
- NOT A CHANCE!

16 Mar '17 - 12:16 - 15809 of 15809 0 0
COC aren't going to buy anyone out, IMHO.

They are investors, who just want to realise value from their shares, like anyone else. I'm sure they'd welcome a buyer willing to pay a significant premium.

this....

[hazydaisy] 16/3/2017 12:25

Malcy on Bowleven

Bowleven announced that COC had won the day, it was a mighty close run thing which involved a final dive into the market to purchase a key stake. Things are uncertain now but I understand that COC may have a buyer lined up for the Etinde stake and will go ahead with the Bomono deal to which the firm is committed.

[aphrodites] 16/3/2017 12:18

I would love to be a fly on the wall at the first Board meeting!

We now have the existing Chairman Billy Allen, who has a £92m fund to invest in small and medium sized companies and was clearly against COC’s proposals, matched against Ele Chahin, a supposed turnaround specialist.

I can’t see how Allen can continue as Chairman.

COC have also made it clear they 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.

I am confident we will see major changes within BLVN’s activities which will deliver what COC has promised.

I am quite surprised the share price has not reflected a greater spirit of optimism from the Board changes this week and I am looking for £1 before the year end, if not sooner.

The price mark back yesterday provided a wonderful opportunity to buy cheap stock.

I am waiting for the fun and fireworks to set-off the share price.

[wshak] 16/3/2017 12:16

COC aren't going to buy anyone out, IMHO.

They are investors, who just want to realise value from their shares, like anyone else. I'm sure they'd welcome a buyer willing to pay a significant premium.

[oilretire] 16/3/2017 12:06

That's some read in the Herald. Surely a compromise is out of the question now? COC now need to buy BLVN out I guess. I'm sure a 20-30% premium from here would be acceptable to the majority.

The end game is soon IMHO.

[thatbrat] 16/3/2017 12:04

Bowleven plc directors updated at Companies House, with Allen, Ashworth, Clarkson, but, strangely,not Chahin. Hart and Crawford still directors of Bowleven Resources, which owns Euroil (and hence Etinde) in Cameroon. (Bowleven plc owns Bowleven Resources Ltd, which owns Euroil, which owns Etinde).

[winnet] 16/3/2017 11:50

I see, lets all gang up on the chairman because he doesn't do what a certain group of shareholders want.

If COC want Etinde. They are going to have to get it the old fashioned way. IMO

Their approach, if they called another vote would be pure petulance and most reasonable shareholders will see right through it.

[warbaby43] 16/3/2017 11:49

Those who believe Allan's position untenable and the course that he and the rest of the gang appear to be pursuing unacceptable, should write to Allan at Bowleven immediately and tell him so.

[kimboy2] 16/3/2017 11:48

So he has been voted off the board but is still CEO.

How does that work?

[cyan] 16/3/2017 11:45

Entertaining comment from Shareprophets;

[cyan] 16/3/2017 11:42

Good afternoon joe say.
I note your line;

"Forget compromise - I foolishly voted to retain the chairman but that will not be my vote the next time round"

I hold a reasonably significant number of shares and I voted to keep him. If he is playing awkward ; I have no problem with voting him aside.

[wshak] 16/3/2017 11:35

winnet,

shak - we just have different strategic visions for the company. That's OK - the BB would be dull if we all agreed is suppose.

You seem like a reasonable gent and have always been polite.

I hope we all can find a way through this without another vote, but that needs compromise.

Threatening another vote means more turmoil and less progress, and is certainly not compromising!

Likewise, I wish you well, and hope we all come out of this profitably. If I was ever a director of a public company, I'd want to have shareholders like you!

In the meantime, I'm wondering what the point is of BLVN messing about with the pretence that things aren't going to change radically from this point on. The only thing I can come up with is that they yet hope to sell the company to someone.

[sivadnoj] 16/3/2017 11:29

Thanks Was. I'm guessing the no change policy is a bit of positioning ahead of severance negotiations.

[wshak] 16/3/2017 11:23

sivadnoj,

I was hearing rumours of the "no change" policy yesterday, it seems that company sources have confirmed that to the Herald.



I'd expect to see further announcements from COC regarding their shareholding shortly. I can't imagine they will simply allow Hart to pull the strings from behind the scenes.

Billy Allan is behaving weakly, IMHO.

[joe say] 16/3/2017 11:03

Forget compromise - I foolishly voted to retain the chairman but that will not be my vote the next time round

Out with the failed parasites who continue to feed off the body and bring in the new blood

[sivadnoj] 16/3/2017 11:03

it seems clear to me from reports within the company that they don't think the EGM, and ousting of the board, needs to change anything. That is incredibly arrogant, IMHO.

Has any kind of statement been made? Not sure what the source for this is.

[winnet] 16/3/2017 10:53

shak - we just have different strategic visions for the company. That's OK - the BB would be dull if we all agreed is suppose.

You seem like a reasonable gent and have always been polite.

I hope we all can find a way through this without another vote, but that needs compromise.

Threatening another vote means more turmoil and less progress, and is certainly not compromising!

[benjimun] 16/3/2017 10:51

It will be interesting to see how this pans out as it is clear that Billy and KH clearly think they might have enough time to repel borders or come up with some sort of deal to thwart COC or at least hinder them.
Of course KH should just go, he has had a good run and can have no complaints at the outcome especially the Bomono farce and leave the incumbants in charge to negotiate with COC.
I do wonder if Billy had a plan with a new CEO whether COC would be willing to consider BLVN a true long term investment? With a seat on a new BoD investors woudl be a far better position than previously. If an LPG plant is built in Cameroon BLVN will be quids in. I suspect this is wishfull thinking of COC but it would be nice.

Given the closeness of the votes, COC could send investors a re-assuring signal that they understand our concerns and retain Billy, but he has to be able to agree to the general plan of what COC are proposing of course so KH and others have to go etc.