Edinburgh-based oil and gas firm Bowleven said on Tuesday it concluded its strategic review and it “is not in active discussions with any third party in relation to a corporate transaction, such as a merger with or sale of the company.”
Bowleven said on Monday that corporate turnaround specialist Eli Chahin — a nominee of activist investors Crown Ocean Capital — had been appointed acting chief executive officer of Bowleven with immediate effect.
Crown Ocean, which controls about 22% of Bowleven’s shares, recently succeeded in having five directors including CEO Kevin Hart and CFO Kerry Crawford voted off the Bowleven board. Chairman Billy Allan then resigned.
“The Panel on Takeovers and Mergers has confirmed that the company is therefore no longer in an offer period for the purposes of the Takeover Code and, accordingly, the requirement to make disclosures under Rule 8 of the Code has now ceased,” said Bowleven.
“The board remains focussed on maximising value for its shareholders and, having undertaken a review of all strategic options available to the company, is committed to the rationalisation of its cost base, and the preservation and enhancement of its existing assets.
“In addition, the board does not expect to pursue any new exploration activity at the current time.”
Chahin is a senior advisor with Alix Partners, a corporate turnaround firm.