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Waseem Shakoor - Grab your one and only chance to kick out Bowleven's useless board

By Tom Winnifrith, The Sheriff of AIM | Thursday 16 February 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.

The great Northern bear Waseem Shakoor owns just over 1% of Bowleven (BLVN) and has been a long term critic of its useless board led by the grossly overpaid Kevin Hart. He has written an open letter to his fellow shareholders urging them to back Crown Ocean Capital and oust the board. I agree - as I usually do - with Waseem. Over to the great bear and professional Northerner:

Crown Ocean Capital has released an open letter to shareholders. Everyone who cares about this company's future should read it HERE

Having been a critic of Kevin Hart for a long time, as he and his merry band destroyed value at Bowleven, I will admit to being wary of Crown Ocean Capital and their intentions regarding the company's key assets - $95m in cash and the Etinde concession.

I don't wish to focus on Bowleven's past failures here - they are too numerous to mention, and I've discussed them publicly many times before. Basically, they cannot be trusted to preserve the precious cash pile. They've already blown a huge chunk of the cash on "sole risk" drilling of the dead parrot that is Bomono. Nobody else was dumb enough to put money into it, so our Board decided to have a wild swing at it using our cash. You've seen the result of that. 

Even so, I was not necessarily going to vote for the resolutions put forward by Crown Ocean Capital, simply because I knew nothing of them. As far as I was concerned, there was a 20% chance that they could be complete gangsters, ready to engage in a series of related party transactions once they had puppet directors in charge, in order to strip out the cash for their own benefit.

A 20% chance of this happening was not trivial in my eyes, so I began unloading stock last week at 33p, just over half of my position. I also let it be known that my last clip (1.5% of the company) was available at 35p, and it was publicly available on SETS for a number of days for all to see. 

I removed the shares on offer on Monday, after undergoing several days of due diligence on Crown Ocean Capital themselves, and the guys behind the company. I have to say, they came out well. 

Crown Ocean Capital's plan for Bowleven is a good one, and, as you can see here, I've been advocating it for years.

Back Crown and oust the board.

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