My name is Ben Turney and I am the founder of BowlevenHolders.net. I am a shareholder of Bowleven and have written about the company a number of times in the past. I know Bowleven well and believe strongly that the current board of directors has proven beyond any doubt that it is not capable of taking the company forward in a value-creating manner.
I’ve spent the last 6 years commentating on London’s Alternative Investment Market and since May 2015 have repositioned myself as a shareholder activist. If it comes to it, this will be the fourth activist campaign I contribute to. So far I have fought and won three proxy battles and forced the resignations or sackings of nine directors at three different companies.
According to Bowleven’s website, 48.05% of the company is held by “Other Individuals”. Based on the voting figures at December’s AGM it seems that Bowleven’s board can rely on about 70million shares to support it. Opposing the board is about 50million shares, including Crown Ocean’s 42.6million shares.
If Crown Ocean requisitions an EGM to seek boardroom change at Bowleven, the retail vote could prove to be decisive. This is why I have set this website up.
For the record, I first made contact with Crown Ocean in late August 2016 and met the principals in late September. I have since swapped correspondence with Crown Ocean on a number of matters. I have impressed upon Crown Ocean the importance of putting in place safeguards to protect the interests of all shareholders in the event a proxy battle is launched. In particular it is extremely important that if Crown Ocean nominates new directors to join the board those individuals must be credible and trustworthy. In its cash balance ($99million at 31 October 2016) and 20% stake in the Etinde gas field, Cameroon (which includes a free carry for 2 appraisal wells up to $40million and a $25million cash payment due on the Final Investment Decision), Bowleven possesses highly valuable assets.
Although I broadly support the need for boardroom change at Bowleven, I will only support specific proposals which are visibly in the best interests of the company and protect the interests of all shareholders.
As of 04 January private shareholders holding 8.9million shares in Bowleven have indicated to this website their potential support for boardroom change at the company.