Unusual bid to oust Bowleven chairman

A rebel investor in crisis-hit Scottish oil explorer Bowleven is calling for a second extraordinary general meeting of the company.

The move by Crown Ocean Capital (COC) came less than 48 hours after Bowleven held a first EGM following months of pressure from the agitator.

At that meeting, COC succeeded in its bid to oust the majority of the Edinburgh-headquartered group’s board.

Chief executive Kevin Hart, finance director Kerry Crawford and four nonexecutive directors were all voted off the board, but chairman Billy Allan managed to survive with a narrow vote of 50.65% against the resolution proposing his removal.

COC’s significant 22% voting bloc carried the day, as Bowleven said all of the directors would have been returned to post had the Monaco-based private investment vehicle not been involved.

In an unusual move, COC has now come back to requisition a second general meeting of the company, proposing the removal of Mr Allan and the appointment to the board of two new independent directors in Julien Balkany and Didier Lechartier.

“Crown Ocean regrets that it is necessary to necessary to call another general meeting, but it has become clear since 14 March 2017 that the incumbent chairman is reluctant to accept the verdict of shareholders over the future strategy of Bowleven or to recognise that it is no longer appropriate for current executives to continue to hold their pre-existing executive roles,” the group said.

“Crown Ocean implores the chairman, Mr Allan, to step down as a director and chairman now to avoid further unnecessary waste of Bowleven’s resources.”

There was no immediate formal response from Bowleven.

Bowleven chairman Billy Allan is under pressure to resign.