CROWN Ocean Capital has ramped up the pressure on Bowleven by increasing its holding in the oil and gas company’s shares to 23 per cent, from 22 per cent. Regulatory filings yesterday revealed the Monaco-based investment firm acquired 3.5 million shares in Edinburgh-based Bowleven last Friday. On Tuesday last week five Bowleven directors were voted off the board at a general meeting following a campaign for change led by Crown Ocean. Two new directors proposed by Crown Ocean were voted on to Bowleven’s board. A resolution for Bowleven’s chairman Billy Allan to be ousted from the board was defeated. Crown Ocean has requisitioned a second general meeting at which it wants Mr Allan voted off the board and two further directors appointed. On Tuesday Bowleven said it would review all options available to the firm in the interest of maximising value for all shareholders.
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