Bowleven Share Discussion Threads

[fatnacker] 17/3/2017 07:30

100 million in the bank?

[1msn] 17/3/2017 07:22

Eddiew, there is a huge amount of info on this board, but for basics, 100 million in bank, 65 million owed under previous farm out, asset at low end 100 million.. Total 265 million approx.. thats 50 % upside from here minimum.. great value at theses levels.

[symbo] 16/3/2017 22:31

Ross, probably, rock and hard place come to mind

[eddiew] 16/3/2017 22:25

Can someone please explain why they think the company is worth more than 40p per share. The cash is only about 25p per share and there is no revenue streams. Assets are years away from production so who is going to stump up 50 million for them.Only asking so dont bite my head off.

[symbo] 16/3/2017 20:53

Log, the actual cost may actually come down to a vote BUT if the share distribution is now held amongst newer buyers at lower values, which include coc at a 22% holder then they are all going to be in favour of a quick buck fast return. The long suffering holder like myself maybe shouted out and lose badly and I mean badly! Let's hope that doesn't happen but it's looking like the end game story at the moment I'm afraid to say.

[loglorry1] 16/3/2017 20:35

The trouble with the COC acting as a patsy for the real buyers who want it on the cheap theory is this. Shareholders still have to vote on the sale. If it was a derisory offer it gets knocked back. Simples!

COC want new strategy to protect their investment. They'll buy more stock and vote it through. No trace of KH's men will remain. Then the new BoD will get on with the new strategy.

The current lot aren't going without a fight. They are going however.

[cyan] 16/3/2017 20:08

winnet, your failed the English comprehension test when you criticised my smart money comment.

The implication was everyone who opposed the board were stupid supporters of the COC wide boys and that it was the 'smart money' who supported them.

Well, some of those who did not fully support the board are not stupid and may even have passed their English language/literature "O" levels.!

[tli8jaguar] 16/3/2017 20:00

If COC have a buyer lined up for the Etinde stake, why didn't the buyer approach Bowleven with an offer instead, no, they want something for nothing, the poor PIs are getting shafted. $700m invested by Bowleven PIs over the years and they want to steal it all and pay f8*k all for it.

[winnet] 16/3/2017 18:04

An awful lot of tosh being spouted here.

Log, they are not doing anything to save their own skins. Their strategy in the best interest of all shareholder, IMO. They are not just helping their "mates". This is an absolutely silly accusation.

By the way - what if the "smart money really" was supporting the board. Preposterous idea :-)

As Shak says. Simple way is to take complete control via another vote. IMO they will find it much harder to rally support if Billy is reasonable. Thus cost of their involvement will have to go up. Its all about trying to get assets on the cheap and make a profit for themselves from a low base.

They should otherwise buy a controlling stake, otherwise abide by the vote and the strategy of the board. Why should a 22% share holder have a the key say in strategy (rhetorical question folks).

[durby] 16/3/2017 16:53

From Bomono farmout RNS -

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

These conditions that should be satisfied by 30 June includes -

"- 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);

- The approval by the Cameroon Government of the assignment of the equity interest from EurOil to GDC Bomono"

So if these conditions are not met by 30 June, even BLVN can pull out of the deal.

[loglorry1] 16/3/2017 16:42

If the current lot are wasting shareholders money to save their own skins which seems apparent I hope the new lot sue them for these costs when they get in. They can suspend their 12 month paid notice period in the meantime.

[warbaby43] 16/3/2017 16:27

Re thatbrat's post at 15807:

"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"

Have The Gang's lawyers been able to conjure up some mechanism to block Chahin as their route to preserving their status quo - for the time being at least?

[joe say] 16/3/2017 16:23

The companies act requires that these Muppets act in the best interests of the company

Arguably an irreversible deal and a petulant RNS illustrates that they have breeched this legal duty

Will the FCA or any shareholder want to test this theory - please

[cyan] 16/3/2017 16:12

I was wondering if Billy was behind the results RNS. Did not like its implication that the smart money was supporting the board and it was stupid small pi's and the wide boys from COC who voted against them. Well, that's how I took it!
Arrogant tw*ts

You will not get a second chance Billy.

[loglorry1] 16/3/2017 16:12

The fact that he seems happy to back his pals even now, knowing that it will result in his removal, suggests that COC aren't, and never have been a credible danger in terms of simply stealing the assets for themselves.

I don't think your conclusion follows but it does show that Billy's motivation was NOT to stop COC stealing the assets for themselves but instead that his motivation was to keep control along with his mates. The best way to do this was to spread fear that COC were a danger. It doesn't mean they are not a danger. I don't think they are a danger, by the way, but his actions don't show they are not just that he used the fear of this to try to maintain control with his mates.

His role as non-exec chairman should certainly not be to cement, confirm and support the other board members unconditionally. Actually it should be to question and ensure they are all working in stakeholders interests. It's a checks and balances role.

Log

[wshak] 16/3/2017 16:04

Tiler1,

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.

This is a very good point.

If Billy had recognised that strategy now had to change, and costs stripped from the company, it would be extremely difficult for COC to put forward another resolution to remove him without looking mean spirited. Given what Billy has said previously about COC only being interested in using BLVN as a personal ATM, surely he could have stayed, gone along with the new strategy, but at the same time made sure that the cash was protected with his casting vote at boardroom level?

The fact that he seems happy to back his pals even now, knowing that it will result in his removal, suggests that COC aren't, and never have been a credible danger in terms of simply stealing the assets for themselves.

Strategically, he is showing no leadership.

[winnet] 16/3/2017 15:56

Some good balanced posts this afternoon, i see.

:-)