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OPINION

Four small-cap buys

Four small-cap buys
March 21, 2017
Four small-cap buys

Eight of the nine resolutions put forward by Crown Ocean were passed, albeit by a slim majority, which resulted in all of Bowleven's board stepping down from their positions apart from incumbent chairman Bill Allen, who only held onto his position on the board by the slimmest of margins. Chief operating officer David Clarkson was spared the axe by Crown Ocean and is the only other remaining director from the previous board of directors. The two directors Crown Ocean put forward for a seat on the board were duly appointed.

The problem for Crown Ocean now is that "it has become clear 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." So, the activist shareholder has requisitioned a second EGM to both remove Mr Allen as a director and appoint two further independent directors, Julien Balkany and Didier Lechartier.

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