BOWLEVEN chief executive Kevin Hart and four other directors have been voted off the board of the oil and gas firm following a campaign for a boardroom coup led by rebel investors.
The results of a general meeting held by Edinburgh-based Bowleven show investors passed resolutions requiring the removal of all bar two of the members of the board.
However, a resolution calling for the removal of Bowleven’s chairman Billy Allan was defeated.
Bowleven said Mr Hart and finance director Kerry Crawford had ceased office as directors with immediate effect. Non-executive directors John Martin, Tim Sullivan and Philip Tracy also ceased office.
Shareholders approved the appointment of two new directors who will join chief operating officer David Clarkson and Mr Allan on the board.
The resolutions were requisitioned by Crown Ocean Capital which said a radical change of strategy was needed at Cameroon-focused Bowleven.
The Monaco-based investment firm amassed a 22 per cent holding in Aim-listed Bowleven’s shares.
In a statement announcing the results of Tuesday’s meeting which was released early today Bowleven noted that excluding the votes cast in respect of the shares held by Crown Ocean and its nominees all resolutions proposed at the General Meeting would have been defeated by a significant margin.
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