Bowleven Share Discussion Threads

[warbaby43] 23/3/2024 11:33

For those who haven't had chance to trawl the "Open Offer" section on the Investor Relations section of the BLVN site:


Nice work etc:



For 12 days per annum plus another £1,500 per day for owt on top of that, this from the Arnoff appointment letter:

"You shall be paid a fee of £100,000 per annum for acting as a Non-Executive Director and Chairman ofthe Board. These fees shall be paid in equal instalments monthly in arrears after deduction of any taxes and other amounts that are required by law.
4.2. In addition to the annual fee referred to in paragraph 4.1 above:
a) a one-off bonus payment of £100,000 shall be paid to you on the Company securing a Final Investment Decision in respect of its Etinde project; and

b) a one-off bonus payment of £100,000 shall be paid to you on a sale of the Company, provided that: (i) the price per share payable in respect of such sale is equal to or exceeds 19 pence; and
(ii) the sale price gives an implied valuation of US$50m for the Company’s Etinde project (and existing cash of US$10m plus Lukoil Final Investment Decision payment of US$25m)"

With regard to the 19p per share, as the contract is deemed to have commenced on 2nd November 2023 (see 1.1) that figure is plainly based on the old 335m shares in issue and not the new 1.897bn figure.

For comparison, looking back to 2019, Arnoff's predecessor, McDonald, was paid $58,000 ie c £46,000.

As for everyone's favourite CEO:

[dealy] 22/3/2024 16:21

Pretty sure that Kundar (newly announced holder with over 5%) will maintain his stake. A few die hards are also likely to take up their rights. So getting above 80% looks impossible

[glavey] 22/3/2024 15:09

>60% is close to 75% which isn't far from 90%

[manual dexterity] 22/3/2024 10:57

It will be interesting once the placing is done. Fully underwritten could see the new major shareholder with excess of 60 percent.One to watch from there on in.

[warbaby43] 22/3/2024 10:55

"Not sure what their ave ps would be at 60% holding though..? Less than £10m I think."

Back in 2016/17 building up to the coup and the expulsion of the jockocracy, COC were buying 96m shares at prices in the twenties and thirties with an average of c28p. Off their total outlay has to be netted the 15p 2019 divi so pre the present exercise they had probably invested c£12m.

Where they are going to end up post closure of the Open Offer plainly depends on take-up by the remaining holders but my guess is that they will be holding comfortably over 60%. What happened back in 2017 might be instructive particularly as Bowleven was even featuring in the Press then given the controversy the COC coup caused not least on these PI boards.

Even with all that kerfuffle, excluding the COC holding, only c 35% of shares got voted:

[maytrees] 22/3/2024 10:50

Very difficult to buy this one
A tiny buy and offer share price jumps 25%.

[riskyinvestor] 22/3/2024 10:36

Tower Resources (TRP) is the Stock to be in

[ham74] 21/3/2024 11:45

If you think New Age can lead the Etinde project to FID, then there could be USD 25 million for that, which would be worth about 10 times the market cap after the share issue.

Or maybe New Age finds another buyer for the stake.

[thdba0] 21/3/2024 10:48

So, is it worth bothering taking up the offer, or will I just be throwing good money after bad?

[the stinger] 20/3/2024 20:13

If this did ever develop crown could have a good portion of that £150m nav.. Not sure what their ave ps would be at 60% holding though..? Less than £10m I think..

[ham74] 20/3/2024 19:13

Basically if less than 20% of investors subscribe for any shares, I think Crown Ocean will end up over 50%

[glavey] 20/3/2024 15:05

So what %age might one guess will end up held by Crown Ocean Capital?

[iturama1] 19/3/2024 16:31

My thoughts exactly J as I took up my allocation. What can go wrong….Dont answer that.

[jordaggy] 19/3/2024 07:59

Well, in for a £0.001 in for a £.

[ham74] 18/3/2024 18:01

Yes I found them now

[dealy] 18/3/2024 17:54

yep, since this afternoon

[ham74] 18/3/2024 14:59

I thought the Open Offer entitlements were supposed to be on CREST today, but I cannot see any yet. Can anyone else?

[ham74] 16/3/2024 16:08

Your link shows Shantonu Kumar Chundar has also taken a stake of over 5% in Global Petroleum, another tiddler with a market cap around one million. And i-Nexus Global, also around one million market cap.

He is active in the micro cap minnows.

What does the [19750] mean?

[glavey] 16/3/2024 15:41

[19750] FWIW:

GBP - 13 November 2023

[ham74] 16/3/2024 08:42

VOTE AGM NOW

Whether or not you plan to avail of the open offer, you should vote so the company can go ahead with it, and has some chance of a future. Hardly anyone voted at the December 2023 AGM, but now its vital that everyone does so. It would be a great shame if the company had to shut down just because people could not be bothered to log into their brokerage accounts and vote.

On interactive investor, whoi emailed me today, its under Voting Mailbox. On Hargreaves Lansdowne, who have not alerted me yet, its under Shareholder Meetings. Not sure where to find it with other brokers, if you can't find it, ask them. It takes a few seconds to just click For All. You can also get an email confirmation of your voting choices.

I've attended two prior AGMs, 2021 and 2023. I won't be able to attend the April 2 AGM in London, but anyone who can do so should, to see if they can glean any insights.

[dealy] 15/3/2024 10:56

New shareholder just emerged with 5.5% holding. Now we also a 2% block just dumped at 0.1p

[ham74] 15/3/2024 08:06

Deadline for funds being available is April 2. Not clear when the decision deadline is? I have not yet seen a corporate action form on interactive investor, but these things can take some time.

[dealy] 15/3/2024 07:27

Your message gave the impression that most of this money was going to be wasted on management, hence my comment

[glavey] 15/3/2024 00:52

A puerile retort; the observation pertains to matters of scale as should be obvious to a reader of average acuity.