TIDMBLVN
RNS Number : 8745R
BowLeven Plc
14 December 2016
14 December 2016
Bowleven plc ("Bowleven" or the "Company")
RESULT OF Annual General Meeting
Bowleven held its Annual General Meeting (the "AGM") earlier
today. Each resolution put to the AGM is set out in full in the
Notice of AGM and summarised in Table 1 in the Appendix together
with the results of the vote. Each shareholder present in person or
by proxy was entitled to one vote per share held. Resolutions 1-6
(inclusive) were successfully passed. Resolutions 7 and 8 (relating
to the disapplication of pre-emption rights and purchase of own
shares) were not passed.
The Company wishes shareholders to note that excluding the votes
of Crown Ocean Capital ("COC"), a Monaco-based offshore private
investment vehicle, all resolutions tabled would have been passed
with a vast majority of votes cast in favour of each resolution
(see Table 2 in the Appendix). All major institutional shareholders
who voted, voted in favour of all the resolutions.
Billy Allan, Chairman of the Board of Directors said:
"We believe the actions of Crown Ocean Capital are part of a
broader agenda to frustrate the strategy of the management team and
to try cheaply to obtain control of the future direction of the
Company for its own interests. We believe the Board's strategy for
creating future value is in the best interests of all shareholders.
No satisfactory explanation has been provided as to why COC has
voted against the resolutions, nor has COC made clear its
intentions, despite having previously expressed confidence in the
Chairman and the executive management team.
As a result of COC's actions, we have been required to cease our
share buyback programme which was implemented under authority
granted by an overwhelming majority of shareholders at the 2015
AGM. As part of my remit since joining the Company in October 2015,
I have overseen a comprehensive review of the composition,
skill-set and governance framework provided by the Board and we
remain absolutely focused on ensuring that the Board delivers on
its strategy for the benefit of all shareholders."
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Andrew Garfield
Macquarie Capital (Europe) Limited (NOMAD)
Alex Reynolds 00 44 203 037 2000
Nicholas Harland
Nick Stamp
Appendix
Table 1 - Results of vote at AGM
RESOLUTION FOR % AGAINST %
-------------------------------- ------------ ------ ----------- ------
Resolution 1 (Ordinary)
Annual Report and Accounts 71,302,206 60.26 47,028,333 39.74
-------------------------------- ------------ ------ ----------- ------
Resolution 2 (Ordinary)
Re-elect David Clarkson 67,789,262 56.70 51,767,642 43.30
-------------------------------- ------------ ------ ----------- ------
Resolution 3 (Ordinary)
Re-elect Kevin Hart 69,454,704 58.00 50,285,995 42.00
-------------------------------- ------------ ------ ----------- ------
Resolution 4 (Ordinary)
Re-appointment of Auditor 104,263,603 89.49 12,249,339 10.51
-------------------------------- ------------ ------ ----------- ------
Resolution 5 (Ordinary)
Auditor's Remuneration 105,854,558 89.57 12,327,360 10.43
-------------------------------- ------------ ------ ----------- ------
Resolution 6 (Ordinary)
Allot Relevant Securities 68,964,251 57.97 49,993,736 42.03
-------------------------------- ------------ ------ ----------- ------
Resolution 7 (Special)
Disapplication of Pre-emption
Rights 65,864,184 55.37 53,093,803 44.63
-------------------------------- ------------ ------ ----------- ------
Resolution 8 (Special)
Market Purchases 71,330,604 60.12 47,317,942 39.88
-------------------------------- ------------ ------ ----------- ------
Table 2 - Illustrative results excluding COC vote
RESOLUTION FOR % AGAINST %
-------------------------------- ----------- ------ ----------- ------
Resolution 1 (Ordinary)
Annual Report and Accounts 71,302,206 94.08 4,489,125 5.92
-------------------------------- ----------- ------ ----------- ------
Resolution 2 (Ordinary)
Re-elect David Clarkson 67,789,262 88.02 9,228,434 11.98
-------------------------------- ----------- ------ ----------- ------
Resolution 3 (Ordinary)
Re-elect Kevin Hart 69,454,704 89.97 7,746,787 10.03
-------------------------------- ----------- ------ ----------- ------
Resolution 4 (Ordinary)
Re-appointment of Auditor 70,263,603 94.98 3,710,131 5.02
-------------------------------- ----------- ------ ----------- ------
Resolution 5 (Ordinary)
Auditor's Remuneration 71,854,558 94.99 3,788,152 5.01
-------------------------------- ----------- ------ ----------- ------
Resolution 6 (Ordinary)
Allot Relevant Securities 68,964,251 90.25 7,454,528 9.75
-------------------------------- ----------- ------ ----------- ------
Resolution 7 (Special)
Disapplication of Pre-emption
Rights 65,864,184 86.19 10,554,595 13.81
-------------------------------- ----------- ------ ----------- ------
Resolution 8 (Special)
Market Purchases 71,330,604 93.72 4,778,734 6.28
-------------------------------- ----------- ------ ----------- ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 14, 2016 10:42 ET (15:42 GMT)