Welcome to BowlevenHolders.net
$95million
Bowleven’s cash balance at 31 December 2016, down $4million over 3 months
$96million (£76.9million)
Bowleven’s Market Cap at 24p per share
$65million
Value of Bowleven’s free carry on 2 appraisal wells and cash payment due on FID at Etinde
This website has been set up to give ordinary shareholders of Bowleven Plc (AIM:BLVN) an independent voice in the forthcoming debate over the company’s future.
Having suffered years of failure and incompetence at the hands of the current directors, it is now more important than ever that private shareholder interests are safeguarded. Monaco-based Crown Ocean has acquired a 13.11% stake in Bowleven, through on-market purchases. Crown Ocean has made it clear it does not support the board. It voted against the reappointment of CEO Kevin Hart and COO David Clarkson at December’s AGM. It also defeated resolutions granting the board authority to issue new shares and to continue the share buyback programme.
Given that Bowleven has traded well below its fundamental value for the last two years, the company seems ripe for a value creating shareholder activist campaign.
If such a campaign is launched this website will seek to inform private shareholders of significant developments, voting procedures and their lawful rights. At present there is no plan to form a retail activist group and concert party, though this might change as the situation evolves.
BowlevenHolders.net will support significant boardroom change at Bowleven, so long as proposals put forward to shareholders to vote on are in the best interests of all concerned.
26.34million
The number of shares retail holders of Bowleven own who have indicated broad support for change (8.23%)
$2million
Bowleven board remuneration in the year ended 30 June 2016
$9.1million
Bowleven general administrative expenditure in the year ended 30 June 2016
After the close results of Tuesday’s EGM, Bowleven needed a strong Chair to unite this divided company. Unfortunately for shareholders Billy Allan, who does not own any shares in the company, has proven he is not that person. Unable to rise above the petty self-interest that has steered Bowleven’s corporate strategy for so long, Allan has blocked any attempt to remove Kevin Hart and Kerry Crawford from their executiv
Read MoreThis morning the Sunday Times reported that Kevin Hart, Billy Allen and the other targeted directors are going to resign immediately before Tuesday’s EGM. Hopefully the new board will still publish the voting figures, as the indications received by this website strongly suggest the result would have been a landslide. Retail shareholders voted overwhelmingly in favour of Crown Ocean’s resolutions. Having destroyed sha
Read MoreAfter the market closed Bowleven announced that its second major shareholder, Artemis Investment Management, today sold its remaining stake in the company to Crown Ocean. Thanks to the mobilisation of the retail vote, the board was already dead and buried at the forthcoming EGM vote. This sale this wasn’t so much a final nail in the coffin but more the elaborate decoration of a carefully crafted headstone. If he does
Read MoreShare Chart & Share Price
