By Tom Winnifrith | Thursday 16 March 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
You and I had thought that Kevin Hart the grossly overpaid and underperforming CEO of Bowleven (BLVN) had cleaned his desk and gone after Tuesday's GM vote to sack the useless pig. Think again. He is still CEO and still on full pay and still running the company. This is like debating the Brexit referendum with that silly cow Gina Miller. A company is owned by its shareholders. The shareholders have voted to get rid, like we voted to quit the EU...but the bastard hangs on and Gina tries to subvert democracy.
It is now up to the new board to decide what to do. Pro tem Hart is on 12 months notice and remains in charge of strategy and drawing a full salary. Two members of the new board are from Crown Ocean, two from the old board but it is one of the latter that has the Chairman's casting vote. So in practice after all the hoo-hah about the GM has anything changed?
A man of honour would note that the companys owners want him out, would hand in his notice, collect 12 month's pay and then sod off. But this is Kevin Hart we are talking about. So what strategy does the new board intend to pursue and how does paying an arm and a leg to useless Kevin fit into that strategy?
A statement is needed.
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