BOWLEVEN has started a strategic review which could result in the sale of the oil and gas company.
Following a boardroom shake up last week, Edinburgh-based Bowleven said it would review all options available to the company in the interest of maximising value for all shareholders.
Last week chief executive Kevin Hart and four other directors were ousted from the board following a campaign for change led by Monaco-based Crown Ocean Capital.
Cameroon-focused Bowleven said the options it will consider may include the proposal for a new strategy made by Crown Ocean Capital, but would not be limited to that suggestion.
Crown Ocean Capital has a 22 per cent stake in Bowleven. It has suggested Bowleven be turned into a holding company with excess cash returned to investors. Bowleven has around $95m (£76m) cash and interests in discoveries in Cameroon.
The options to be considered may include a farm-out or sale of one or more of Bowleven’s assets or a merger with or sale of the company to a third party.
Two directors proposed by Crown Ocean Capital were voted on to Bowleven’s board last week. A resolution calling for Bowleven’s chairman Billy Allan to be ousted was defeated.
Crown Ocean Capital did not seek the removal of chief operating officer David Clarkson from the board.
It has requisitioned another general meeting at which it wants Mr Allan voted off the board and two further directors appointed.
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