EDINBURGH, UK – Bowleven’s board is asking the company’s shareholders to veto a planned takeover by Monaco-based investment firm Crown Ocean Capital (COC).
The directors claim COC’s intent is to take control of Bowleven without paying fair value, with no credible strategy to maximize value from its key assets, which include theEtinde concession offshore Cameroon.
They add that COC’s stated intention is to convert Bowleven into a holding company, stripping the cash from its balance sheet, thereby leaving it unable to fund the investment needed to develop its discoveries inCameroon.
If this happens, the board warns, Bowleven will lose vital relationships with the Cameroon government, along with its entire relevant oil and gas experience and industry relationships.
COC has been buying the company’s stock over the past year, and recently proposed dismissing all the board’s members.