The Lemon Fool

Getting interesting.

Market cap almost entirely covered by cash position and that hasn't been missed by OCC:

Who announced they now have 13.09% of the business :

http://www.investegate.co.uk/bowleven-p ... 02341496P/

Fun and games might be about to take place :

http://www.investegate.co.uk/bowleven-p ... 31552050P/

Clearly they are going to have a different view to management on this.

I'd love to see the BoD get there smug [expletive deleted] kicked. Bring it on!

Yes, I bet the comatose like board meeting conversations have been spiced up recently!

Not saying I think the Non-exec proposals by Ocean Capital are particularly brilliant, but you do feel that the non-execs are keeping that cosy cartel of post retirement perks going for a lot of older O&G execs.

Of course there is experience there, but where is the pep and the zing, and the challenging ideas!

I did wonder as to whether the Monoco connections of two at least of the nominations was influenced by a significant Russian connections in that part of the world, and the possible Russian coonections of Ocean Capital themselves. Could it all be a proxy for Lukoil to get some influence over BLVN, should an offer be made to buy up its Cameroon assets? Pure speculation of course

Fun & games are indeed occurring:

The Company wishes shareholders to note that excluding the votes of Crown Ocean Capital ("COC"), a Monaco-based offshore private investment vehicle, all resolutions tabled would have been passed with a vast majority of votes cast in favour of each resolution (see Table 2 in the Appendix). All major institutional shareholders who voted, voted in favour of all the resolutions.

As a result of COC's actions, we have been required to cease our share buyback programme which was implemented under authority granted by an overwhelming majority of shareholders at the 2015 AGM. As part of my remit since joining the Company in October 2015, I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the Board and we remain absolutely focused on ensuring that the Board delivers on its strategy for the benefit of all shareholders."

http://www.investegate.co.uk/bowleven-plc--blvn-/rns/result-of-annual-general-meeting/201612141542158745R/

I've had enough of this BoD living the high life at shareholders expense so I've exited.

HUR looks like a far far nicer home, with great near term upside potential.

I did that a while back JonnyT, until they get rid of the existing management this is uninvestable for me.

Since the last post things have moved on. Not unexpectedly Ocean have called an EGM to remove six of the seven directors, move to a holding company and pay shareholders the majority of cash and hope to realise value on Entinde - 20 % and Bomono - 100%. They included narrative of the cash burn and lack of progress over the last two years.

Today BLVN management have provided an update with little tangible evidence of progress apart from Bomono but in reality I think the amount already spent on Bomono is part of the nail in the coffin !

I have no illusions KH/management have been woeful and have no where near reduced the monthly cash burn of the business required during this period and treated PIs with disdain. Whilst it looks desperate for management as a shareholder I would like to know more about Ocean and whilst their theory sounds fine will it actually be executed.

What this might do is bring potential suitors if there are any. It would be interesting to hear of others' views.

Reo

Must be kicking themselves for pulling out of the AEX farmin given todays news.

Yes, but at the time I was sorry they pulled out. I'm not any more!

Less happy that I started cutting back BLVN a few weeks ago, just before the EGM was requisitioned. But you can't win them all.

Peter

Just had thick set of papers from Bowleven about the EGM.

The interesting thing is that I hold through a nominee account, and they've come directly from BLVN, not from the broker. They must have got a list of shareholders from the broker and mailed directly.

This whole EGM business must be costing a packet - certainly an effective way of using up the spare cash - but I'm not sure it's a good one.

Peter

I assume we are all voting to throw the board out....

I couldn't bring myself to vote for deal on offer, no pretence of independence for the board and the clear intention of getting as much cash out of the company as quickly as possible (and I'd suspect not equally distributed). Equally, I'm not keen on the existing board. But when I thought about it I came to the conclusion that I was unlikely to get more than 34p for my shares whichever way the vote went - so I solved the problem by selling.

Peter

PeterGray wrote:Just had thick set of papers from Bowleven about the EGM.

The interesting thing is that I hold through a nominee account, and they've come directly from BLVN, not from the broker. They must have got a list of shareholders from the broker and mailed directly.

This whole EGM business must be costing a packet - certainly an effective way of using up the spare cash - but I'm not sure it's a good one.

Peter

I remember getting a phone call from Dana (when they were going through something similar with KNOC), so I suppose there's possibly that to look forward to.

PeterGray wrote:Just had thick set of papers from Bowleven about the EGM.

The interesting thing is that I hold through a nominee account, and they've come directly from BLVN, not from the broker. They must have got a list of shareholders from the broker and mailed directly.

This whole EGM business must be costing a packet - certainly an effective way of using up the spare cash - but I'm not sure it's a good one.

Peter

Peter,

Well, I had a phone call from a company working on behalf of the company today asking how I had voted. Like you my holding is with a single broker in a nominee account. I'm really annoyed that my contact details, particularly my work phone number, was made available to some direct marketing type organisation. Are brokers compelled to release contact information to companies on request? I will be giving AJ Bell "a kick in the pants" if not.

All the best, Si

PeterGray wrote:The interesting thing is that I hold through a nominee account, and they've come directly from BLVN, not from the broker. They must have got a list of shareholders from the broker and mailed directly. Peter

I just heard from my broker that they received a request under Section 793 of the Companies Act (2006) from Bowleven on 8th February which means they are legally obligated to release all shareholder contact details to the company.

All the best, Si

What do we know about the ownership of "Ocean Capital" and what is their hidden interest in this deal?

Can someone point me to the constructive proposals that have been made by Ocean Capital?