By Tom Winnifrith | Monday 9 January 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.
He is at it again, flip flop Ben Turney has another company in his sights and this time it is rather larger than before. It is Bowleven (BLVN). And in his attenpts to push for management change, we can reveal that Turney has the support of bear raider Waseem Shakoor who is not part of Turney's group but has a material stake.
At 24.75p the market cap is £80 million. At 31 October the company had net cash of c£80 million although it has spent a bit on share buybacks since then but it also has tangible assets worth at least $65 million at Etinde.
The perception in the City - as indicated by the share price - is that the management just bank the pay cheques and do very little to create value and that is a view with which I agree so all power to flip flop. I urge shareholders to get in touch to support him.
Ocean Capital is an institution owning at least 8% of the company and has in the recent past pushed for boardroom change. But with most shares held by retail investors mounting a coup will not be easy. Having said that, the board is so widely despised that you would not bet against Flip Flop.
The website for the action group is at www.bowlevenholders.net and you can contact flip Flop to pledge your support at [email protected] - we urge you to do just that.
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