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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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Kevin Hart’s performance as CEO of Bowleven

Kevin Hart became CEO of Bowleven in November 2006. Bowleven Chairman Billy Allan believes the company has “a high calibre management team”. Some commentators have publicly come out in favour of Hart remaining in charge. However, none of Hart’s allies have been able to cite much evidence to support their stance. Based on Hart’s track record it is little wonder why. Below are the “highlights” of Hart’s reign at Bowlev
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Malcolm Graham Wood supports Bowleven management

Well-known oil analyst Malcolm Graham Wood, who publishes Malcy’s Blog (www.malcysblog.com) has come out in support of Bowleven’s board. I don’t agree with Malcy, but in the interests of balance below are links to his recent pieces and an interview he gave with Vox Markets. http://www.malcysblog.com/2017/01/vox-markets-podcast-includes-malcy-amerisur-resources-pantheon-resources-bowleven-ascent-resources/ http://www.
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Bowleven – Timeline and notifications for the EGM

Now that Crown Ocean has called for an EGM at Bowleven there is a maximum of six weeks for the company’s future to be resolved. During this time there are a number milestones shareholders need to be aware of to make sure their votes count in deciding which direction Bowleven should take. The first milestones are determined by the Companies Act and require the board to fulfil specific legal duties. On receipt of a val
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Should Bowleven return $80million to shareholders?

Since completing the Etinde farm-out in March 2015 Bowleven has been a horrific value trap. Over the last two years the company has received $180million in cash, but the board has been unable to deploy these funds in a value generative manner. Instead Bowleven’s share price has drifted ever lower, as the directors wasted over $80million with nothing to show for it. Shareholders must act now if they are to save what v
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Bowleven – Sick of paying the “Hart Discount”

As editor of ShareProphets.com I coined the phrase the “Hart Discount”. This is the massive discount in Bowleven’s share price, which shareholders have suffered as a result of CEO Kevin Hart’s poor stewardship of the business. I expect to wax lyrical about Hart’s many leadership failings over the coming weeks, but there is one fact that cannot be denied. The market has zero faith in his ability to run this comp
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