Bloodbath leads to review
Bowleven ‘up for sale’ following board coup
The Africa-focused Edinburgh company said it has launched a “strategic review” which includes the option of a merger, sale of assets of sale of the entire company.
Billy Allan, chairman, and David Clarkson, chief operating officer, survived a boardroom bloodbath last week when five directors were sacked by shareholders at a general meeting.
It followed pressure from 22% holder Crown Ocean Capital for change on the board and a refocusing of the company. It has requested a second general meeting to force Mr Allan to step down.
In a statement issued after the London Stock Exchange closed last night, the company said: “In light of results of the General Meeting held on 14 March 2017 and in the interest of maximising value for all shareholders, Bowleven announces that it is launching a strategic review of all options available to the company.
“The options to be considered during the Strategic Review may include, but are not limited to, a review of the strategy proposed by Crown Ocean Capital)in its letter to Bowleven shareholders dated 15 February 2017, a farm-out or sale of one or more of the company’s existing assets or a corporate transaction such as a merger with or sale of the company to a third party.”
Kevin Hart, Kerry Crawford, John Martin, Tim Sullivan and Philip Tracy left the board of Bowleven with immediate effect after last week’s meeting.