Bowleven Share Discussion Threads

[nickmann] 24/3/2017 18:53

how can you do a deal with kevin poo...
a total disgrace..the guy is a conman.


the worst conman is he.
i remember babkychik gold.

[mirabeau] 24/3/2017 18:46

£80m in cash
No debt
Other assets

Market Cap at £119m

[nicobellic] 24/3/2017 18:37

I can't vouch for the authenticity of this, but it appears that SNH have released a statement in the Cameroon Tribune today essentially saying that BLVN have released 'erroneous information and information likely to mislead the public' in relation to Bomono.

I have put the news articles up here -

I don't speak French, but I have used google translate and the English language version does appear to mirror the French original. I have also tried to find the announcement on the SNH website and within the Cameroon Tribune, but I haven't had any luck.

Can anyone else validate this?

If this is true, it would appear to me to call into question the idea that Bomono is commercial and surely must also lead us all to question just how strong the relationship is with the Cameroon government.

[kbrook] 24/3/2017 18:29

So unless I'm reading this wrong, contrary to what some are saying on here, it's COC who want to maximise our assetts and the board that seem to want to get shut. So unless they are blatantly lying does that not go completely against what Winnet and others were suggesting. I may be misunderstanding what's going on however.

[nickmann] 24/3/2017 18:24

return the cash 20p.
keep etinde.
good idea.

[nickmann] 24/3/2017 17:52

GAME ON.
let the bidders come.
so that 20% is worth around £250m or even £500m.

[leedskier] 24/3/2017 17:37

Alliance News

Crown Ocean "Strongly" Believes Bowleven Should Not Sell Assets
Fri, 24th Mar 2017 17:26


LONDON (Alliance News) - Crown Ocean Capital P1 Ltd on Friday said it "strongly" believes now is not the right time for Bowleven PLC to consider selling any of its assets, three days after Bowleven announced a strategic review into the business, including considering a potential sale of the company.

Crown Ocean is in an ongoing dispute with Bowleven, in which it holds a 23% stake, over concerns relating to Bowleven's Bomono gas permit in Cameroon. Crown Ocean wants work on the Bomono permit to cease and for focus to turn to the company's Etinde hydrocarbon project in the country.

On Tuesday, Bowleven said it has initiated a strategic review into the business, considering options such as a review of the strategy proposed by Crown Ocean, a farm-out or sale of one of more of its existing assets, or a merger with or sale to a third party.

This followed a successful effort by Crown Ocean to oust all of Bowleven's directors save Chairman Billy Allen and Chief Operating Officer David Clarkson from the company's board, and appoint Eli Chahin and Christopher Ashworth as new directors.

Despite succeeding in passing most of its proposals, Crown Ocean has since requested a further extraordinary general meeting, calling for the removal of Allen and the appointment of two further independent directors, Julien Balkany and Didier Lechartier.

On Friday, Crown Ocean said that "first of all Bowleven needs to fully acknowledge and implement the verdict of shareholders for new leadership and direction for the company".

"An absolute priority should be the transformation of Bowleven into a holding company involving a right-sizing of the operations and an elimination of further unnecessary cash drain," Crown Ocean said, adding that it does seen the urgency for a sale of the "troubled" company and how it would generate maximum value for shareholders.

It also said it questions the motives of the strategic review announcement, specifically its timing given that it was announced two days after the new shareholder meeting had been requisitioned.

"We wonder if part of the motivation of certain directors for putting out the 'for sale' sign in a hurry is to trip change of control vesting events in compensation packages and/or using a transaction to avoid investigations into the appropriateness of past business dealings," Crown Ocean said.

"To be clear, we have informed the board that at this time, we will not support any 'fire-sale' transaction and doubt our fellow shareholders will approve of a rushed approach," it added.

Crown Ocean also said it has submitted to Bowleven's board a letter detailing what it believes to be a number of breaches of fiduciary duty by existing and previous directors, in relation to the dissemination of information related to the Etinde project, the timing of the farm-out announcement of the Bomono project, and the voting with respect to the general meeting on March 14.

"As the largest shareholder of Bowleven, we are fully aligned with fellow shareholders and are fully committed to new leadership and direction of Bowleven," Crown Ocean said.

Shares in Bowleven closed up 4.3% at 36.75 pence on Friday.

By Karolina Kaminska; [e-mail]; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

Alliance News

[nickmann] 24/3/2017 17:24

LAST TIME WHEN BIDDERS WERE CIRCLING THIS WAS SOARING.ON FALSE RUMOURS.

looks like the market makers do not want to lose this GEM for them.

money making machine for them from private investors.

[nickmann] 24/3/2017 17:18

60P I WANT!
NOT 50P.

[nickmann] 24/3/2017 17:17

WELL DONE COC in removing incompetent DIRECTORS.

[nickmann] 24/3/2017 17:10

60P GUYS.
I WOULD TAKE THAT.

[nickmann] 24/3/2017 17:10

!FOLLOWFEED

[5chipper] 24/3/2017 17:04

IMO

Etinde will be sold seperately then there will be some form of tender offer - along the lines of 80% of shares for 50p per share.

Following this the company will continue with a reduced cash pile and as the operator of Bomono.. possibly re-instating previous directors...

COC will sell 80% showing a good return on their investment...

One possible scenario

[5chipper] 24/3/2017 17:00

IMO

Etinde will be sold seperately then there will be some form of tender offer - along the lines of 80% of shares for 50p per share.

Following this the company will continue with a reduced cash pile and as the operator of Bomono.. possibly re-instating previous directors...

COC will sell 80% showing a good return on their investment...

One possible scenario

[nickmann] 24/3/2017 16:57

give me 60p i would take that.

[nickmann] 24/3/2017 16:56

what does he know...



Bowleven

Much has happened in the last week for Bowleven (BLVN). COC won all their votes with the exception of removing Chairman Billy Allan which has put a spanner in the works, now they need another meeting and another vote as he has the casting vote on the new, smaller board.

Weekend press reports suggest that the chairman has 'put up the for sale sign' over BLVN and is keeping on Kevin Hart and Kerry Crawford despite them no longer being directors of the company, which wasn't in COC's plans I imagine.

My spies tell me that COC have a buyer lined up for Etinde and, of course, the Bomono deal with Victoria Oil (VOG) is still on the table. Doing both of those deals would effectively finish the sad tale.

[nickmann] 24/3/2017 16:41

60p i would take.fair value.

[nickmann] 24/3/2017 16:40

pocketred himself millions in the process.

[ramayer] 24/3/2017 16:26

Is etinde big enough for perenco or glencore to get involved?

[roberto mancini] 24/3/2017 16:10

The ? is will KH try to merge or sell us out on the cheap to VOG with him offered a well paid job on the VOG BoD. Anything to keep himself on the gravy train.

I hope NA/LUK takes us out for 60p