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 executive roles. This has forced Crown Ocean to requisition another EGM, unnecessarily prolonging the transition which shareholders voted for.
Although the results of Tuesday’s EGM were close, they were unambiguous. Shareholders rejected the previous board’s failed strategy and voted in favour of the company taking a new direction. Billy Allan survived the vote by the skin of his teeth, but the other targeted directors all lost their seats on the board. Crown Ocean’s nominated candidates were all accepted.
Shareholders clearly voted in favour of the corporate restructuring of Bowleven and a return of surplus funds to shareholders. Allan’s unwillingness to accept this once more calls into question his suitability to remain as Bowleven’s Chairman. Having failed to hold the company’s executive team to account, in the face of persistent dreadful performance, there were already doubts about his commercial judgement. His obstinance since Tuesday’s vote now raises obvious concerns about whose interests he is working in?
Allan is paid generously by Bowleven. His responsibility is to the company, not his pals who used to be on the board. Had Allen any sense at all he would have quickly dropped the resentful attitude which drove the former board’s unsuccessful defence against the EGM and adopted a much more conciliatory approach.
Instead Allan has thrown his proverbial toys out of the pram and compelled Crown Ocean to launch a second EGM. This is no good for anyone. It is a dreadfully unnecessary waste of resources and time.
Billy Allan, who, let us not forget, does not own any shares in Bowleven, should be ashamed of himself.