Re: COC increasing their stake So winnet, well done for admitting your 30p full company sale will be well off, although you knew that at the time In your earlier post you said "the sad thing is, there is nothing holders can do now" but in your most recent post your saying "I can't believe you holders are taking this lying down"........so yet again your hypocrisy is baffling and you are so cerebrally challenged that you can't help contradicting yourself in the same day!! And you wonder why everyone sees you as a bare faced liar!! So as you say etinde is very valuable then why did you not complain when KH farmed it down for less than 50 cents a barrel in a $100 oil environment and/or when the market valued it at zero and didn't even value us at full cash balance?......there's that double standards again So full company sale in next few/several months for in excess of 40p with COC or if stayed with KH several more years of taking hundreds of thousands of pounds in pay and burning through cash like there's no tomorrow to culminate in new age taking us out for 12-18p........winnet wanted the latter!!
Re: COC increasing their stake 37p Indaknow? You gotta be kidding. Do you know what Etinde is worth? This is daylight robbery! My post - many months ago - "I will happily come back and eat humble pie if they get anywhere near the true value tied up in Etinde. But is suspect I have called this one correctly IMO."Ok - my guess of "around 30p" is someway off, but I cannot believe you holders are taking this lying down.
Re: COC increasing their stake If COC acquire +30% they need to make an offer for all shares. From memory, the price of the offer has to be at or above the highest price paid in the proceeding 12 months. So, the floor is 37.75p.Anyone have a different view?
Re: COC increasing their stake As i've been saying all along, the only interest these guys have is getting the assets for themselves as cheaply as possible.I have no sympathy for those who voted with them.Although as i've said many times before, that wasn't the majority of PIs.
Re: COC increasing their stake If going private is not the intention then why continue to buy towards the 30%?It could be argued that they expect the investment to significantly increase but I remain sceptical, given the lack of news.Views appreciated
Re: COC increasing their stake Agree with every word!! Let us say that COC wanted to take BLVN private at say 35p, which would be far from generous. They would have to come up with roughly £84 million to buy the 73.77% that they do not own. That`s quite a large sum.
Re: COC increasing their stake does everyone remember when winnet started this gem of a thread [link] so COC selling was bad for LTH, and now COC accumulating is bad for LTH........and he wonders why everyone thinks he is a liar?!"Wonder were all these extra shares that they are buying coming from?"is this a serious question?!!!!!???!!! and again the irony is simply staggering, winnet talking about trust when consistently backing KH through a decade of withholding price sensitive information and mismanagement........like everyone has said on this BB before, KH put all shareholders in this position......a position which the choice was continue with someone who has proved they cant be trusted and reigned over a 90% fall in SP since taking office or vote for change for an unknown entity, the choice was really a case of who you see as the lesser of 2 evilsat least with COC the game will come to a timely end, hopefully in excess of 40-45p takeout is looking likely and in the not too distant future.......with KH you would be waiting several more years, a stagnant at best, but probably a falling share price, and a alarming cash burn.......in several years lukoil or newage would have been buying this company for between 12-18psadly though if it is COC taking this co private its not going to fetch the same as a bid from a bigger oil co, lets hope COCs offer flushes out some bigger biddersoh well, lets just say a collective thank you for years of entertainment from winnet and a big thank you for KH for being such a glorious leader.......three cheers for big kev....hip hip
26.23% now owned by COC Bowleven13 Sep 2017 096:46BowLeven PlcRNS Number : 6129QBowLeven Plc13 September 2017 TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:Bowleven plc1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)Non-UK issuer2. Reason for the notification (please mark the appropriate box or boxes with an "X"An acquisition or disposal of voting rightsXAn acquisition or disposal of financial instrumentsAn event changing the breakdown of voting rightsOther (please specify)iii:3. Details of person subject to the notification obligationivNameCrown Ocean Capital P1 LimitedCity and country of registered office (if applicable)Trident Chambers PO Box 146Road Town, Tortola, British Virgin Islands4. Full name of shareholder(s) (if different from 3.)vNameCity and country of registered office (if applicable)5. Date on which the threshold was crossed or reachedvi8.09.20176. Date on which issuer notified (DD/MM/YYYY):12.09.20177. Total positions of person(s) subject to the notification obligation% of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuerviiResulting situation on the date on which threshold was crossed or reached26.23%N/A26.23%325,451,609Position of previous notification (ifapplicable)25.83%N/A25.83% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviiiA: Voting rights attached to sharesClass/type ofsharesISIN code (if possible)Number of voting rightsix% of voting rightsDirect(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)GB00B04PYL9985,367,187N/A26.23%N/ASUBTOTAL 8. A85,367,18726.23% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR188.8.131.52 (a))Type of financial instrumentExpirationdatexExercise/Conversion PeriodxiNumber of voting rights that may be acquired if the instrument isexercised/converted.% of voting rightsSUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR184.108.40.206 (b))Type of financial instrumentExpirationdatexExercise/Conversion Period xiPhysical or cashsettlementxiiNumber of voting rights% of voting rightsSUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark theapplicable box with an "X"Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiiiFull chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)XNamexv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable thresholdChristian Petersmann (50% owner of Sparkview Holdings Ltd.; 100% owner of Inprimus Investment Ltd.)Konstantin Stoyanov
Re: COC increasing their stake Isn't this odd how the price isn't rising but COC get more and more?. There is no way to make money from BLVNs assets now that COC have got their teeth in. Wonder were all these extra shares that they are buying coming from? All whilst the spivs collect more and more of them. Soon they'll have enough to take it private and its goodnight im afraid.I have been warning everyone about these guys for a long time now. I was shouted down, but the game is unraveling before our eyes. The sad thing is, there is nothing holders can now do. This brings me no great joy as I took a loss on BLVN, having jumped ship when these guys wrestled control of the company. I would urge LTHs to really think about what the intentions and these people are and examine what they've promised against what they've done so far. I would also urge everyone to look into the backgrounds of the COC people and ask yourself if you would trust them.
Re: COC increasing their stake That explains the large purchase Tuesday morning and the temporary blip up in share price. What are the views of them going above 30%? Is the aim to take it private? I would have thought we should have heard of some business news by now.
Re: COC increasing their stake This has been going on for a longtime the sooner it all get's done thebetter i think
COC increasing their stake RNS showing they've added. End game in sight?
Re: Today's history lesson An extract from above:In total Bowleven raised, by my calculation, £547 million by late 2015. The company had a market capitalisation at this time of some £85 million and had £100 million in cash. So, in effect investors who bought shares at the time of the IPO and participated in every funding round to prevent dilution had lost everything. And I do mean everything. Why? Well if the market values a company at less than cash it is assuming that management will destroy what remaining value it has one way or another, typically through the thing they hate the most, G&A, i.e. market cap will track down ahead of cash to zero over time. One may say markets get valuations very wrong, and I would agree with that, but remember the saying about a local community being ready to believe in any amount of wealth, but it can gauge poverty to the penny.
Today's history lesson With a hat tip to hazydaisy over at ADVFN:[link]
new non exec The Company's largest shareholder, Crown Ocean Capital P1 Limited, requested the appointment of Mr. McDonald to the Board, as its representative. The Directors, after due consideration, agree that his appointment would be in the interests of the Company. I could not imagine that they would have rejected the request!18 August 2017Bowleven plc ('Bowleven' or 'the Company')Board Change Bowleven plc is pleased to confirm the appointment of Matt McDonald to the Board of the Company as a Non-Executive Director with immediate effect. The Company's largest shareholder, Crown Ocean Capital P1 Limited, requested the appointment of Mr. McDonald to the Board, as its representative. The Directors, after due consideration, agree that his appointment would be in the interests of the Company. Matt McDonald was an international financial restructuring lawyer who has worked extensively across M&A advisory, financial restructuring and corporate finance. He has over 20 years' experience having worked with international legal firms in London, Frankfurt and Los Angeles. He has advised companies and investors on complex transactions in numerous industries, including the oil & gas industry. Commenting on the appointment, Bowleven's Chairman, Chris Ashworth, said: "We are pleased that Matt McDonald has agreed to join the Board of Directors and we look forward to his experience and expertise contributing to Board decisions." Additional information: NameMatthew Eugene McDonald Age48 Current Directorships / Partnerships:1plusX AGHersfyne LtdJerome Trading LtdTIG Finance GmbHTusk Finance GmbHVedra Pensions AGVedra Pensions Verwaltungs GmbHVedra Risk Solutions LtdWickhams Cay Sarl Save for the above, there is no further information that is required to be disclosed in accordance with Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies with respect to the appointment. ENQUIRIESFor further information, please contact:Bowleven plcChristopher Ashworth, Chairman 00 44 131 524 5678Eli Chahin, Chief Executive Brunswick Group LLPPatrick Handley 00 44 207 404 5959Will Rowberry Cenkos Securities plc (NOMAD) Derrick Lee 00 44 131 220 6939Neil McDonald Notes to Editors:Bowleven is an African focused oil and gas group, based in Edinburgh and traded on AIM. Bowleven's vision is to build an African focused company dedicated to creating and realising material value through organic growth and niche acquisitions. Bowleven holds equity interests in two blocks in Cameroon, with one block located offshore in shallow water (operated by NewAge) and one onshore (operated by Bowleven).