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February 2017

Broker voting deadlines start 5pm Friday 3rd March make sure your vote counts

Although Bowleven has set the voting deadline for Friday 10 March at 11am, if you are going to vote through your broker you need to submit your vote as soon as you can. Each broker sets its own deadline for submission of votes, usually about a week before the actual deadline. This gives the brokers the chance to compile the votes they receive and send them in before the deadline cut-off date. A number of firms’ deadl
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Crown Ocean’s nominees speak out against Bowleven claims

Energy Voice earlier published a joint statement from Crown Ocean’s board nominees, Eli Chahin and Chris Ashworth. The full article can be read here. I’ve published the statement below. After the condescending email I received from Bowleven on the independence issue, I’ve got to admit today’s sabre rattling has been just a little satisfying. Statement from Chahin and Ashworth: “As proposed independent directors at th
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How to vote at Bowleven’s EGM

A number of investors have written to this site asking how they can vote. If you have bought your shares through one of the major execution only stockbrokers (e.g. Barclays Stockbrokers, Hargreaves Landsown, TD Direct Investing etc.) then voting at the Bowleven EGM is incredibly easy. Here’s how. Brokers typically hold shares you own in a “pooled nominee” account. This means the broker brings together all the shares
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The true cost of Bowleven’s board over 10 years

On Friday Bowleven’s board issued a rebuttal to Crown Ocean’s damning open letter to shareholders. The board focussed on ten issues it believes Crown Ocean has misrepresented, with the chief complaint being how much the directors have earned. Crown Ocean claims “The Board were awarded remuneration totalling US$44 million over ten years.” Bowleven’s board tells us “The correct figure is US$33 million”. Who is right? I
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How Bowleven can be restructured to the benefit of all

As Bowleven’s directors screamed “asset strippers” in today’s unnecessarily dramatic EGM Circular, they failed to address the primary complaint levelled against them. On their watch Bowleven has become no better than a lifestyle company. The cosy board pays itself generously, requires nothing in terms of performance and exhibits little financial discipline. With such a bloated, inefficient management structure it is
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Bowleven calls the EGM for 14 March

This morning Bowleven announced that the EGM is going to be held on Tuesday14 March 2017 at 11am. The deadline for submission of proxy votes is 11am on Friday 10 March. The voting record time is Friday 10 March at 6pm. The somewhat dramatic circular is available on the company’s website (link here). Over the coming days I will contact the major execution only brokers to find out their internal deadlines for submissio
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Why Bowleven’s board cannot deliver its strategy

When Bowleven Chairman Billy Allen started throwing stones last week, he should perhaps have first opened the windows in his rather large glasshouse. It is a bit rich for any of the current board to accuse others of wishing to turn the company into a personal “cash dispenser”. Crown Ocean defended itself in The Sunday Times yesterday, but I’ll revisit this in the next few days. A more pressing concern for shareholder
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Bowleven – an ill-judged “provisional response”

This morning’s “provisional response” from Bowleven to Crown Ocean’s proposed resolutions smacks of desperation. Unable to defend its track record or cite any evidence that it has what it takes to deliver its strategy, the board has resorted to mud slinging. This is unfortunate, but at some point one side was going to start doing it. Sadly for Bowleven’s directors’ the mud they’ve chosen to sling is of the amateurish
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Crown Ocean – a confident show of force?

This morning Bowleven announced that Crown Ocean has increased its stake in the company to 14.87%. This is an interesting move from the Monaco based investment house and suggests it is confident boardroom heads are about to roll. According to the TR1, Crown Ocean took its stake above 14% last Wednesday. During that day’s trading session Bowleven’s shares traded in a range of 26.71p to 27.7p. They closed at 27.25p. Gi
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Questions for the Bowleven shareholder meeting

Ahead of the Bowleven shareholder meeting, which starts in half an hour, BowlevenHolders.net submitted the following questions on behalf of shareholders who supplied them to this site. The questions can be read below: How much does the board forecast it will cost Bowleven to fund its share of development at Etinde to see the project through to commercialisation? Why does the board think the market has attributed a ze
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