Five down, one to go

The activist investor behind a boardroom coup at Scottish oil explorer Bowleven has called for another vote to get rid of the Edinburgh- based firm’s chairman.

Billy Allan, the former chief executive of Aberdeen- based logistics firm Asco Group, survived a revolt which led to five directors of Bowleven being ousted.

Crown Ocean Capital ( COC), the Monacobased offshore private investment vehicle which had been pushing for change, said yesterday that Mr Allan should also go.

Calling for another general meeting, COC said Mr Allan was “unwilling toimplementthe clear new mandate the new board proposed”.

It added: “We now see a significant danger posed by either a dysfunctional board or one controlled by Mr Allan, who could use his casting

“Mr Allan does not own a single share in Bowleven”

vote to maintain the status quo and protect his and the old leadership’s entrenched positions.

“Kevin Hart still acts as chief executive of the company and the other removed executive board member, Kerry Crawford, remains a Bowleven employee without termination notices having been served. We understand thatMr Allan has no intention to change this.

“We also want to remind shareholders that Mr Allan does not own a single share inBowleven as of December 31, 2016.”

COC, which owns 22% of the firm’s shares, urged Mr Allan to step down immediately in order to “avoid further unnecessary waste of Bowleven's resources”.

It has also proposed the appointment of two new independent directors – Julien Balkany and Didier Lechartier.