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Bloodbath leads to review

Bowleven ‘up for sale’ following board coup

Billy AllanOil explorer Bowleven has put itself up for sale following the boardroom coup which saw most of the directors ousted.

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.

 

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