Bowleven Share Discussion Threads

[cyan] 12/5/2017 12:32

Why would any shareholder vote for us going private?

[loglorry1] 12/5/2017 12:31

Although it's never nice to see 10m free shares given to the CEO I suppose CoC must have signed off on it and they have as much to lose as we do. It is over 5 years and there are some hurdles to meet. It would have been nice to see what they are. The cost savings should pay for this in a year or two and we don't have to pay Hart etc. who would no doubt have paid himself even more.

The news is probably neutral to be honest.

[gark] 12/5/2017 12:25

Le Com, if they sell on to NA pre production they have to offer a price commensurate with previous purchases? Not sure you can fold it into a private company at a derisory price.

[stansmith3] 12/5/2017 12:20

le_comthe shares were 20p and decreasing under the old boardfew people said coc would be good for the companythey were the only optionthis is the part you miss, although ive no doubt you are well informed

[le_commissaire] 12/5/2017 12:14

stan

33.5p -34.5p was enough for me but the main reasons i had hit on
are backed by historical information that for obvious reasons cannot be given
on a public forum.

A professional board simply cannot issue statements that basically say "we reserve the right to change/alter/redress/rethink etc etc our options at any time that we see fit".

Well COC can but no professional board would state that in an RNS thinly disguised.

I am still a supporter of the asset but not the flopsy the bunny proxy management pre Etinde sell off to NA before even preliferal development costs are estimated as per the RNS. Yes i still say that this is arranged and maybe i am wrong in stating that or maybe i am correct in stating that, we will see and remember this post.

[goodgrief] 12/5/2017 10:48

It was probably a mistake getting rid of The Chief.

[oilretire] 12/5/2017 10:41

Good point Kev, although not all of that cost will be salary based. As they stated they will be using contractors to plug some of the gaps left by the FTE reductions. And then you've got office costs etc on top which will remain constant but hopefully they'll look into cheaper options for those too. e.g. Any sign of the headquarters moving from Edinburgh??

[kev0856153] 12/5/2017 09:57

They are reducing head office head count from 18 to 5 and then claim they are also reducing Cameroon headcount yet G&A costs are only falling from $0.6M to $0.35M. I'd like to know what basic salaries the CEO and the new board are on. They could be on the same salaries as the old CEO and Board members for all anyone knows.

[3waysout] 12/5/2017 09:35

Cost reduction will preserve the cash and improve negotiating leverage with potential suitors as they see this team is a more disciplined outfit. CEO interest is aligned IMO.....finally. his upside is triggered when shareholder value is demonstrated..... You cannot expect anyone to get involved into this situation without incentivising him. now he has to perform to get his rewards...which is a nice change

[cyan] 12/5/2017 09:28

Hi Le_com.
I note what you say about COC , but, imo, we have a relatively safer way forward now than we would have had with our previous 'adventurous' leadership.
BMOMONO goes ahead and , later, we will know exactly how much cash MAYBE available for distribution.
Let us remind ourselves that our previous management we more keen on taking cash for their 'labours' rather than options. KH was in a right hurry to dump a load at 20p, remember?
His sidekick's shareholding was NIL.
Those were the warning signs.
We now appear to have a team more aligning share performance to pay.

" The Option's performance conditions relate to the Company's share price performance and the maintenance of annual cash costs below a certain level, and malus and clawback provisions apply."

I am content to await the final act here.

[belo horizonte] 12/5/2017 08:53

You've said it. Potential reward. Better than certain reward in the case of an inflated salary. The award is performance related and it would help to know what the performance provisions are. Either way it is better than the way it was going before,always wondering when the next shoe would drop.

[orinocor] 12/5/2017 08:36

WTF!! 5% of the company can effectively be issued as zero cost options to any employee. That's enormous potential reward. This is a £100M company not a £2M AIM tiddler. Not holding

[nick rubens] 12/5/2017 08:11

They are doing what they can. It can't go any faster or better really. It's much better than it was.

As everything depends on Etinde to deliver, we are an oil company with the usual drilling expenses and some skill and luck needed now and affected by the oil price and market conditions and sentiment etc.

[3waysout] 12/5/2017 07:59

clearly a wip... but they have moved swiftly and reducing costs and protecting the cash which is of considerable comfort. the key issue will be how they go about monetising etinde

[kev0856153] 12/5/2017 07:57

The remuneration committee of the Company (the "Committee") retains the right to decide, in its sole discretion, whether or not and to whom awards under the Plan will be granted and may vary the terms of awards made under the Plan in certain circumstances.


LOL. A make it up as you go along Incentive Plan. Of course without this Incentive Plan the new CEO probably can't be @rsed to do anything.

[gark] 12/5/2017 07:40

Monthly spend was $0.7mn per month last I saw.

[oilretire] 12/5/2017 07:39

but it will cost $3M-$4M to implement these cost savings.

Yep, they've got 13 severance packages to sort out......

[oilretire] 12/5/2017 07:38

Bit of a holding statement really regarding the assets, obviously lots of work & negotiations to be done.

On Bomono.......
.....To that end, meeting dates are being offered to work-out an all-party solution to allow this transaction to conclude and allow work to commence to connect Bomono into the domestic gas market through the existing pipeline infrastructure.


Hopefully the result of which is we are no longer operator!

[kev0856153] 12/5/2017 07:38

So you have no idea his salary.

No they've only saved $3M per annum, $0.25M per month, but it will cost $3M-$4M to implement these cost savings.

[stansmith3] 12/5/2017 07:37

its just that this is ambiguoushalf full, head count cull, streamlining....half empty, vague conditions, the first of many such awards in the sole discretion...

[gark] 12/5/2017 07:32

By the way, they have just saved you $4mn of spend per annum and the guy has awarded himself £3mn of stock over a 5 yr period. If they are able to get us value I am very happy that he gets those shares.

[gark] 12/5/2017 07:29

I was looking at monthly cost and extrapolating.