THE outgoing chairman of Bowleven, Ronnie Hanna, has stated administrators are conscious about the corporate’s percentage worth degree however he hopes the rules were installed position for it to reinforce.
Mr Hanna informed shareholders on the Edinburgh-based oil and fuel corporate’s basic assembly: “The board is conscious about the percentage worth in addition to you’re.”
The remark follows a yr during which Bowleven’s percentage worth has been within the doldrums and the company has drawn complaint from some buyers who’ve been disillusioned via its efficiency.
Stocks in Goal-listed Bowleven closed at 21.75p the day past, giving it a inventory marketplace capitalisation of round £70m. They bought for 23.5p at the similar date ultimate yr.
The autumn has left buyers who’ve subsidized fund raisings finished in recent times sitting on paper losses.
In November 2013 Bowleven raised £13m at 45p in keeping with percentage.
Mr Hanna famous the corporate has been running amid difficult prerequisites for the Business following the crude worth plunge since June remaining yr however recognised that can supply little comfort to shareholders.
He added:”I am hoping we’ve were given a platform for long run expansion and we will be able to see some development within the percentage worth going ahead.”
Mr Hanna, who turned into chairman in 2006, famous Bowleven used to be left sitting on a large money pile after finishing a $250m Cameroon stake sale in March. The deal to promote stocks within the offshore Etinde licence used to be agreed in June ultimate yr, prior to the oil worth droop.
Mr Hanna stated Bowleven is easily positioned to make the most of alternatives that can be created all through a duration of upheaval for the Business.
Leader government Kevin Hart informed the assembly: “There are loads of belongings available on the market.”
He and Mr Hanna stressed out Bowleven can be very disciplined in the use of the capital it had.
They stated the deal Bowleven agreed final month to shop for into licences in Tanzania for as much as $28m, topic to due diligence, gave the impression sexy.
Mr Hart famous Bowleven has made two fuel unearths onshore Cameroon it hopes to convey into manufacturing in 2017. The corporate keeps a 20 consistent with cent in Etinde, which accommodates unearths it hopes to deliver onstream.
Mr Hanna resigned as deliberate after the assembly and used to be succeeded by way of Billy Allan, a former leader government of the Asco oil products and services staff.
Supply : HeraldScotland