Cameroon: Bowleven investor calls for overhaul

Investor Crown Ocean Capital has called a general meeting of Bowleven shareholders to try to remove most of the company’s board and change its strategy. Monaco-based Crown Ocean, which holds 10.62% in Bowleven, argues that the Edinburgh-based company’s spending is unjustifiable. It wants to transform Bowleven into a holding company focused on returning cash to shareholders, and seeks to remove six of the board’s seven members and appoint two of its own.Crown Ocean said in a stock market filing that Bowleven’s cash holdings exceeded the company’s market value at end-2016.