Bowleven kickstarts review to flush out buyers
Bowleven [LON:BLVN] has launched a strategic review, apparently in the hope of attracting prospective bidders for the London-headquartered African oil and gas business, The Sunday Times reported.
Industry sources cited in the report said Bowleven’s chairman, Billy Allan, instigated the process and has effectively put the company on the market.
Prospective acquirers may be deterred, however, by recent conflict between Bowleven management and rebel investor Crown Ocean Capital, the report said. Five senior directors were last week ousted by 22% shareholder Crown, which has convened a meeting to try and force Allan to step down and hopes to increase shareholder value by moving the business away from the exploration and production of oil, the item noted.
Bowleven has an approximately GBP 112m (USD 139m) market cap, the report noted.
The original item appeared in The Sunday Times, Business section, page 3