BOWLEVEN has declared the major investor behind a call for the removal of three directors failed to meet the deadline for submitting valid requisitions ahead of its annual general meeting next month.
Crown Ocean Capital P1, which controls 13.01 per cent of the voting rights in Bowleven shares, had submitted a requisition calling for the removal of John Martin, Tim Sullivan and Philip Tracy as directors. The shareholder submitted a separate requisition of resolution to install Breht McConville, Titus Gebel and Matt McDonald on to the board of the Edinburgh-based oil and gas company.
Bowleven insisted on Tuesday that both “purported resolutions were defective”, while launching a staunch defence of Mr Martin, Mr Sullivan and Mr Tracy. It followed that yesterday by declaring the deadline for submitting valid resolutions for its AGM had passed without further resolutions from Crown Ocean. Bowleven said it means the incumbent directors will not face a shareholder vote on their positions at Bowleven’s AGM on December 14.
The company said: “Bowleven announces that following yesterday’s release regarding the receipt of two invalid requisitions of resolutions from Crown Ocean Capital P1 Limited, the statutory deadline for submission of resolutions for the company’s annual general meeting has now passed without a valid requisition having been received from COC. Consequently, the resolutions will not be put to the AGM.”
Crown Ocean Capital P1 could not reached for comment.
Shares in Bowleven rose by three per cent to 25.25p.
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