THE individuals proposed by rebel investors in Bowleven for election to the company’s board have said they will act in the interests of the oil and gas firm and its shareholders.
In a statement Eli Chahin and Chris Ashworth noted: “We would wish to state that, if appointed, we would as directors be acting in the interests of the Company and all its shareholders in accordance with our fiduciary duties.”
The comment follows a war of words between Edinburgh-based Bowleven and Crown Ocean Capital, which has submitted resolutions proposing Mr Chahin and Mr Ashworth for election to Bowleven’s board at a general meeting set for 14 March.
The Monaco-based investment firm has also proposed that all the members of Bowleven’s board except chief operating officer David Clarkson be voted off.
It has accused Cameroon-focused Bowleven of significant value destruction and called for a radical change of strategy at the firm.
Bowleven has accused Crown Ocean Capital of wanting to take control of the firm on the cheap.
It has recommended shareholders vote against all resolutions to be tabled by Crown Ocean Capital at the general meeting.
Crown Ocean Capital is owned by German financiers Christian Petersmann and Konstantin Stoyanov. The firm has amassed a 16.23 per cent holding in Aim-listed Bowleven’s shares.
Bowleven is working on undeveloped discoveries in Cameroon under chief executive Kevin Hart.
The company has interests in the Etinde licence off the West African country and in the Bomono licence onshore.
Shares in the Aim-listed company closed down 0.75p at 31.75p yesterday.
That left it with a stock market capitalisation of around £103 million.
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