Africa-focused oil explorer Bowleven PLC (LON:BLVN) has seen almost all of the board depart after shareholders backed a rebel investor’s call for change.
Kevin Hart, chief executive, Kerry Crawford, finance director, and three non-executives John Martin, Tim Sullivan and Philip Tracy have all ceased to be directors following the shareholder vote.
Only chairman Billy Allan and chief operating officer David Clarkson are staying with the oil and gas company.
Monaco-based investment fund Crown Ocean Capital called the meeting claiming the company had badly managed its African oil assets. A string of disappointments has seen the shares lose 90% of their value over the past five years.
Two of COC's nominees, Christopher Ashworth and Eli Chahin, were also appointed as directors.
Bowleven’s statement pointed out that without COC’s 22% stake all of the resolutions would have been defeated by a ‘significant margin‘, while major institutional investors also all voted against bar one exception.
Earlier this month, Bowleven PLC (LON:BLVN) struck a deal with Victoria Oil & Gas plc (LON:VOG) that will see VOG's lcoal subsidiary take an 80% stake in the Bomono production sharing contract (PSC), with Bowleven keeping the remainder and continuing as operator.
Gas from Bomono will be sold to VOG minus a tolling fee for use of the pipeline. COC described the deal asmaking no sense for Bowleven shareholders.
Shares dropped 5% to 32.6p.