TomCo Energy PLC Delay in Interims & Suspension of trading on AIM

RNS Number : 4575U

TomCo Energy PLC

28 June 2024

 

28 June 2024

TOMCO ENERGY PLC

("TomCo" or the "Company")

 

Delay in publication of 2024 Interim Results

and Suspension of trading on AIM

 

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, provides the following update in relation to its unaudited interim results for the six-month period ended 31 March 2024 (the "2024 Interim Results").

 

The Company notifies that it will not be in a position to publish its 2024 Interim Results by 30 June 2024, as stipulated by Rule 18 of the AIM Rules for Companies (the "AIM Rules"), as it is currently in the process of seeking to raise additional equity and/or debt capital to provide sufficient working capital for the group to enable it to finalise and release its 2024 Interim Results. The Company currently has very limited cash resources but is carefully managing its trade creditors and deferring Directors' salaries and all non-essential expenditure whilst it assesses potential funding options. Whilst the Board remains confident in its ability to raise such additional funding, it cannot be guaranteed.

 

Accordingly, as a result of the current funding uncertainty and impact on the finalisation of the interim accounts, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. on 1 July 2024 pending publication of the 2024 Interim Results. It is expected that suspension from trading will be lifted upon funding being secured and publication of the 2024 Interim Results in due course. Further announcements will be made as and when appropriate. The Company is targeting the publication of its 2024 Interim Results as soon as practically possible.

 

Notwithstanding the suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the AIM Rules.

 

Enquiries:

 

TomCo Energy plc

Malcolm Groat (Chairman)                                                            [phone]

 

Strand Hanson Limited (Nominated Adviser)

James Harris / Matthew Chandler                                                [phone]

 

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury                                                            [phone]

 

IFC Advisory Limited (Financial PR)

Tim Metcalfe / Florence Chandler                                                [phone]

 

For further information, please visit www.tomcoenergy.com.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDFLFSRRDITFIS