The Press and Journal (Inverness, Highlands, and Islands)
Ousted boss insists he is no longer calling shots at firm
Oil: It had been claimed that he was still acting as CEO
The former boss of Bowleven confirmed yesterday he was no longer involved with the turmoilhit Scottish oil explorer following his ousting earlier this month.
Kevin Hart, who was removed as chief executive following a vote by shareholders on March 14, said he was technically still an employee of Bowleven.
But he added he was no longer making decisions at the London- listed company.
The former Ellon Academy pupil also said it was “far too early” to say what his next career move would be. Mr Hart, previously finance director at Cairn Energy, had led Bowleven since 2006.
The Africa-focused company was thrown into disarray this month when activist investor Crown Ocean Capital (COC) succeeded in getting five directors removed, includingMr Hart.
But a few days after the vote, COC claimedMrHart was “still acting as chief executive” of Bowleven and accused chairman Billy Allan of having “no intention” of removing him.
COC, a Monaco-based private investment vehicle, then called for another vote in an attempt to get rid of Mr Allan, who survived the revolt.
Mr Hart said yesterday he was no longer “in situ” at Edinburgh- based Bowleven and expected his departure to be finalised at the end of this week.
He was speaking after Bowlevenpublished results for the six months to December 31, 2016, which revealed a return to black.
The group chalked up pre-tax profits of £2.7million during the period under review, bouncing back from a deficit of £105million a year earlier.
Bowleven acknowledged COC’s calls for another vote on Mr Allan’s position and said further informationon a meeting would be provided to shareholders “in due course”.
It also reiterated its plans for a strategic review “of all options available to the company”. The Africa-focused firm announced the reviewjust aweek after the boardroom cull.
COC has insisted the review is ill-timed, given that Bowleven is perceived to be “troubled”.
“He added he was no longer making decisions at the company”