The chairman of Bowleven – the Edinburgh-based but Africa-focused oil and gas explorer – has fallen on his sword and resigned.
Billy Allan stood down as non-exec chairman 24 hours after Crown Ocean Capital – a major shareholder in the company – announced its intention to call a general meeting with one item of business on the agenda – to sack Allan.
Allan resigned with immediate effect and has been equally swiftly replaced as chairman by Christopher Ashworth, a non-executive director.
Meanwhile, Bowleven continues to carry out a strategic review of the company – including the option of being taken over and/or sold.
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