Glass Lewis Voting Guidance on COC Resolutions

RNS Number : 4146Y

BowLeven Plc

03 March 2017

 

3 March 2017

Bowleven plc ('Bowleven' or 'the Company')

Glass Lewis Voting Guidance on COC Resolutions

Bowleven, the Africa focused oil and gas exploration group traded on AIM, notes that Glass Lewis & Co. LLC (Glass Lewis), the leading independent provider of global governance services, has published a proxy advisory report for the general meeting of the Company requisitioned by Crown Ocean Capital P1 Ltd (COC) and convened for Tuesday 14 March 2017 (the General Meeting). The publication of the Glass Lewis report follows the publication of proxy advisory reports for the General Meeting by Institutional Shareholder Services, Inc. (ISS) and Pensions & Investment Research Consultants Ltd (PIRC) referred to in the Company's announcement of 1 March 2017.

Glass Lewis recommends that Shareholders VOTE AGAINST all resolutions to be proposed at the General Meeting.

The Board reiterates its recommendation that Shareholders VOTE AGAINST all resolutions at the General Meeting.  The recommendations of the Board, ISS, PIRC and Glass Lewis for voting at the General Meeting are collated in the table below:

Resolution	Board recommendation	ISS recommendation	PIRC recommendation	Glass Lewis recommendation
1 (appointment of Christopher Ashworth)	AGAINST	AGAINST	AGAINST	AGAINST
2 (appointment of Eli Chahin)	AGAINST	AGAINST	AGAINST	AGAINST
3 (removal of Billy Allan)	AGAINST	AGAINST	AGAINST	AGAINST
4 (removal of Kerry Crawford)	AGAINST	AGAINST	AGAINST	AGAINST
5 (removal of Kevin Hart)	AGAINST	AGAINST	AGAINST	AGAINST
6 (removal of John Martin)	AGAINST	AGAINST	AGAINST	AGAINST
7 (removal of Tim Sullivan)	AGAINST	AGAINST	AGAINST	AGAINST
8 (removal of Philip Tracy)	AGAINST	AGAINST	SUPPORT	AGAINST
9 (removal of any other person as director)	AGAINST	AGAINST	AGAINST	AGAINST

As previously announced by the Company on 15 February 2017, the Circular containing the notice convening the General Meeting and explaining the reasons for the Board's recommendation has been posted to Shareholders. A copy of the Circular is also available on the Company's website at http://www.bowleven.com/general-meeting/information-hub.

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                                                 00 44 131 524 5678

Kerry Crawford, Finance Director

Brunswick Group LLP

Patrick Handley                                                                                    00 44 207 404 5959

Will Rowberry

Cenkos Securities plc (NOMAD)                                            

Derrick Lee                                                                                           00 44 131 220 6939

Neil McDonald

NOTES TO EDITORS

Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's vision is to build an African focused exploration and production company focused on creating and realising material value through exploration-led organic growth and niche acquisitions.  Bowleven holds equity interests in three blocks in Cameroon, with one block located offshore in shallow water (operated by NewAge) and two onshore (operated by Bowleven).

NOTE TO ANNOUNCEMENT

Advance approval of this announcement has neither been sought nor obtained from any third party named herein.

GLOSSARY AND DEFINITIONS

All references to time in this announcement are to UK time.

AIM                                               the market of that name operated by the London Stock Exchange

Board or Directors                        the directors of the Company

Circular                                          the circular from to Shareholders dated 15 February 2017, incorporating notice of the General Meeting

NewAge                                          NewAge (African Global Energy) Limited, a privately owned oil and gas company

Shareholder                                    a holder of ordinary shares of 10 pence nominal value in the capital of the Company

UK or United Kingdom                   the United Kingdom of Great Britain and Northern Ireland

 

END

 

 

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