BOWLEVEN has continued to keep its powder dry amid signs of unhappiness in some quarters that chief executive Kevin Hart remains in post in spite of being voted off the board last week.
The company offered no response to comments made on bulletin boards that suggested Bowleven’s chairman Billy Allan had gone against the wishes of investors by allowing Mr Hart to continue as chief executive.
Mr Hart was one of five directors voted off the board last week following a campaign by Monaco-based Crown Ocean Capital, which called for a change of strategy. Bowleven said last week that the vote did not impact on his employment status as chief executive.
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A source familiar with the situation said Mr Hart is likely to stand down soon.
Bowleven also declined to comment on a report Mr Allan has launched a strategic review in the hope of a bidder emerging for the Cameroon-focused company.
Mr Allan’s position is under threat following the latest move by Crown Ocean Capital, which failed in an attempt to get him voted of the board at a general meeting last Tuesday.
Resolutions proposing two new directors be appointed to the board were passed. Crown Ocean Capital, which has a 22 per cent stake in Bowleven, wanted these to help implement a new strategy at Bowleven along with chief operating officer David Clarkson.
On Friday it requisitioned another general meeting at which it wants to have Mr Allan voted off the board and two further directors appointed.
Bowleven said then it would provide a detailed response prior to the general meeting.