Bowleven Share Discussion Threads

[benjimun] 17/3/2017 19:57

Yes the strategy has not YET changed, although looking likely.
I repeat the question why have they been brought in a potential directors now, I am wondering if COC will provifde a rationale for their decisions.

They have overseen and worked for firms where value destruction on massive scale has occurred. These are pertinent questions not to be avoided.

We need to understand better their involvement in these firms, if they are deemed competent having been involved in multiple failures then we need to hope they have learned form their mistakes.

I will await COC explanantions.

[stansmith3] 17/3/2017 19:43

benjiyou are talking nonsensethe strategy has changedold lot still trying to pursue the old strategy that was voted downnew ceo will implement the new strategy - which will not involve speculating with large sums of moneydo keep up

[gark] 17/3/2017 19:35

Billy should have pushed through change and made sure KH went. He should resign. Perhaps they can find another buyer and we get taken out earlier. Very interesting times.

[benjimun] 17/3/2017 19:12

'current board had to go due to value destruction, that frankly could hardly be worse'

So appointing someone who has been involved in and complcit in firms in maximum value destruction ie Equity holders were wiped out is irelevant!!
Essentially therefore if KH turned up at another oiler in the same situation you
would feel relaxed about that?

While true that they are being brought in as a holding role it would hardly calm PI nerves.

[stansmith3] 17/3/2017 18:50

benjicurrent board had to go due to value destruction, that frankly could hardly be worseexperienced o & g people are adequate for the rest of bowleven's life, there will be no further acquisitions, licenses (and licenses lost), development or explorationso mentioning afren is irrelevant

[benjimun] 17/3/2017 18:11

Julien Balkany/Didier Lechartier appear to be oil industry people. Why did they not propose these people earlier?

Is it because COC under estimated PI opposition/concerns over the lack of oil experience for John Ashworth, Eli Chahin and want to counters accusations with regards to the lack of expertise related to the VOG deal or possibly becuse they will be needed for negotiations over an offer?
Interesting they are happy to keep Clarkson.

I believe Didier had exposiure to PCI and Afren, given how they turned out should we be concerned. Investors talk of value destruction, Afren !

[oilretire] 17/3/2017 17:27

Proposed General Meeting Ordinary Resolutions:

1. THAT William MacDonald Allan be and is hereby removed as a director of the Company.

2. THAT Julien Balkany be and is hereby appointed as a director of the Company (with such appointment taking immediate and simultaneous effect).

3. THAT Didier Lechartier be and is hereby appointed as a director of the Company (with such appointment taking immediate and simultaneous effect).

4. THAT any person appointed as a director of the Company since the date of the requisition of the general meeting of the Company at which this resolution is proposed, and who is not one of the persons referred to in the resolutions numbered 2 to 3 (inclusive) above, be and is hereby removed as a director of the Company.

Proposed Board Composition:

COC propose that Julien Balkany and Didier Lechartier would join Chris John Ashworth, Eli Chahin and David Clarkson on the Board of Directors.

[oilretire] 17/3/2017 17:26

Another GM......

[cyman] 17/3/2017 17:23

Goodness me what a dogs dinner this has become

[warbaby43] 17/3/2017 17:23

BrileyLoucan, while no e mail address easily visible on the blvn website, I tend to believe that in such matters, there's nowt quite like a proper letter and mine was posted yesterday.

[jonno41] 17/3/2017 17:22

I wonder if the news the COC have a buyer for Etinde/blvn will leak out over the next few days. It would make the vote more interesting, because we would then be voting more on whether we wanted the deal to go ahead.

Say for instance the deal generated the equivalent of 40p a share - most of us would vote for it as with the cash you would get more than 60p. If the deal generated 20p a share, then we are looking at more like 40p and most would vote against it.

The problem as I see it, is if we voted Billy out, then we had to vote for an offer on Etinde, we would be stuck with COC BOD, but if we knew the deal now.. We'd have more options.

In short I feel it is in COC's interest to keep any deal they might have under raps until the next GM vote is completed - unless its a really good deal in which case tell me about it...

The good news for PI's is there should be another spike closer if not over 40p to get out on if we wanted to.

The bad news is coc might have decided to make an offer for the entire company to ensure the deal happens, as I believe if their holding goes over 30p they are able to do this.

I am never going to get my 68p back, most I am hoping for now is 50p.

[benjimun] 17/3/2017 17:21

nico,
Absolutely..

[nicobellic] 17/3/2017 17:17

Do we think that the Board will utilise the provisions of CA 2006 and again wait as long as possible to call the meeting and then hold the meeting on the last possible date?

[cyan] 17/3/2017 17:05

EL CID Benjimun?

What-ever happens I look forward to a flurry of trades next week.

[brileyloucan] 17/3/2017 16:56

Been following with interest. Very annoyed at this result. I voted to keep Billy on the board as I wanted some oversight. Won't make this mistake again.

Does anyone have an email address for him as I would be keen to let my expectations as a shareholder and voter in the last AGM known.

[warbaby43] 17/3/2017 16:56

"I can only imagine that he and KH are buying themselves some time, for what ends I have no idea"

Probably to defer as long as possible and preferably avoid altogether that "independent review" of that gobsmacking $100m set against Bomono.

[cyan] 17/3/2017 16:32

"I can only imagine that he and KH are buying themselves some time, for what ends I have no idea."

Maybe buying lots of shares in the hope of a comeback?

[benjimun] 17/3/2017 16:24

Log,
I hear you, since when has business and decency had anything to do with doing whats right. We hve seen countless scandals from 2008 crisis, HSBC,emissions scandals to name but a few show that most of these people have no shame and will push the boundaries of the law and what is good practise to the limit.

As for BA well he must know what he is doing and will have anticipated the response from COC accordingly, I can only imagine that he and KH are buying themselves some time, for what ends I have no idea.

[belo horizonte] 17/3/2017 15:59

It doesn't matter. The vote is what it is. The rest is whining BS. What I want to know now is why Allan has decided to keep Hart and Crawford on. And I don't want more garbage in my mail box. A public statement will be enough.

[ihavenoclue] 17/3/2017 15:56

What happened ... the board lost ... can we move on now ??

[tigmi] 17/3/2017 15:54

Winnet,

I get what you are saying:

Out of 308m shares only approx 190 voted = 61.6% of shares in issue.

However we know that 70.5m of these shares are COC's which of the 190m that voted is = 37.10% of the votes cast.
Therefore they only needed approximately another 13% to pass the resolutions and this was effectively done by using 20.5% of the voting shares that were not COC at the AGM.

But approx 118m shares did not vote and therefore we do not know which way they would have voted.

And the Chairman can not presume they would have voted in the same way as COC.

79.5% of the non COC shares that voted at the GM voted against the resolutions and and if the same split was applied to the 118m shares that did not vote then the result would be very different and that is why the chairman is right in my view to be doing what he is doing:

79.5% of 118m = 93.81m = 30.4% of shareholders
20.5% of 118m = 24.19m = 7.8% of shareholders

So applying them to the others:

COC (22.8%) + 8% + 8% = 38.8%
Shareholders who voted 30.75% + 30.2% = 60.98%

So in theory if we assume the non voters would have voted in the same way as the voters excluding COC as it was their motion then the vote would look very different.

I may have got my maths very wrong on this but this is how I see it and if correct then i guess this is what the chairman is seeing along with winnet.

DYOR - These are just my own basic calculations and you should do your own before making any investment decsions.

[cyan] 17/3/2017 15:43

Please don't stop guys. I find it all very encouraging. The share price has risen on the back of the discussion over how close votes were or were not.

This may just encourage Billy to buy a shed load of shares, and maybe even other directors.
What with Le_com subtly hinting he and his friends may buy back in and COC needing more shares to be sure; we can look forward to 40p next week!! I hope lol

[loglorry1] 17/3/2017 15:22

OK winnet if we are allowed to just make up new rules that's fine you are right. More people who hold shares share Billy's vision because one person holds 22% of the shares. Or another rule that if you own a large slug of shares you don't get to influence who is elected as directors of the company. Or if you have yellow underpants on you get double votes at an AGM if the year ends with a seven.

All of this is just totally irrelevant. The rules are enshrined in company law. Rules include: Each share gets a vote. A majority of those voted passes a resolution. A 5% shareholder can call an EGM and vote on resolutions. If there is a 2:2 vote at a board meeting the Chairman gets casting vote. Nothing else really matters.

The current state of play is that Billy has the casting vote if Clarkson votes with him so no changes can be made unless Billy/Clarkson agrees to them. We can argue all you want about the rights and wrongs of that but actually it matters not one iota. That's the situation.

Will that persist. No! COC will buy more votes and have tabled resolutions already and we'll be forced to have another vote. We can speculate on the outcome but most sensible people know what's coming. So the fact Billy is putting off the inevitable just shows he's being stupid.

End of - can't waste more time on this silly thread.