Is this the first time they have described TSHII as "investments in FVTPL ?
Either way the Loss on disposal of something they never had any prospect
of buying the remaining 90% is going to be....
About £1.19m
Less
Bal Sheet £1.585m
Less
Costs ?
So £393k and rising
Then there is a 6 month loss to the end of Sept say £400k
So looking at nearly £800k loss for the period add that to the £400k in the first half and its another £1.2m +
in a year !
So balance sheet losses to be around £30.6 million
And still no business ! And the gamblers on the other thread will still be grateful ! |
ii - has updated and I can buy. How many do you want? I can flog you some of mine. |
cannot buy -
broker not updated - |
HL still hasn't lifted the suspension, think the same for most brokers, so will have to wait a while longer |
That's a nice surprise! |
RNS out, suspension lifted, time for this to recover now |
Seem to recall this name anomaly was picked up several years ago ie he appears to travel under two names. It was referred to CH! |
Aha I see there is a pattern here.
Adalan sales in 2022 - £0
Directors' remuneration £215k
ie once again milk the company and do as liitle as you can get away with - zero sales . no operating business. |
Thanks norfolk I had looked up H&W plc. and he was not there.
"Maurice James Malcolm GROAT"
So we see the sadly lacking control processes at companies house - or was it just that the company secretary for TOM did not identify him properly as the Malcolm Groat listed as TOM's director has no other directorships.
Perhaps he did not want to be associated with his other directorships |
Harland & Wolff Group Holdings PLC |
Do you have a H&W company he was a director of - is it listed at Companies House? |
Administration of H&W is confirmed.
How did TOM last longer than H&W? |
Yes he was partly responsible for wrecking H&W but was dumped recently when the lenders appointed their own people. |
Its long been mentioned on these boards that Malcolm Groat was a director at Harland and Wolff - who Bloomberg have just told us , have gone into Administration.
But I have not independently verified that.
H&W directorships at companies house do not mention him.
In 2017 he was appointed to Tomco with no fanfare - 1 line or so in the interims that year and no introduction in that years full accounts.
The 2020 accounts are supposed to have a full profile of directors - but do not mention any of his other roles by name.
So question is , is H&W true or is he really just a nobody ? |
Wondered how long before use of tax losses would be brought to the party - who is the expert on tax losses in this case? |
I like that post Haggis. |
Did anyone ask what the current balance sheet liabilities are ?
Or is that far too an intelligent question for those that turned up ? |
Haggis as ever an optimist. There is the outstanding loan balance due to Valkor plus it would appear that the directors have been accruing their salaries (no shares instead of cash as ever). Don't hold your breath.
As ever if you bring nothing to the party, you rarely receive anything. Nothing would describe the contribution of TOM. Again don't hold your breath.
In the relevant tax jurisdiction and within the rules established in that jurisdiction there may be recoverable tax on historic losses. Just need to find a partner who matches the requirement! Don't hold you breath. |
Market Cap today GBP1.07m
.
Cash coming in GBP1.13m, more than the Market Cap, plus, in the results RNS of 28 June:
.
"The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million"
.
So if a reverse takeover was to still happen, the price at takeover should be multiples of the current, based on cash plus future tax offsets of GBP15m.
.
Based only on the Net Asset Value of GBP1.13m in cash plus GBP3.75m deferred tax asset, the Market Cap should be almost 5x the current and, with farming into Valkor well(s) for a revenue stream you could argue it should be meaningfully higher. |
Market Cap today GBP1.07m
.
Cash coming in GBP1.13m, more than the Market Cap, plus, in the results RNS of 28 June:
.
"The Group has tax losses in respect of excess management expenses of approximately GBP15 million available for offset against future Company income. This gives rise to a potential deferred tax asset at the reporting date of GBP3.75 million"
.
So if a reverse takeover was to still happen, the price at takeover should be multiples of the current, based on cash plus future tax offsets of GBP15m.
.
Based only on the Net Asset Value of GBP1.13m in cash plus GBP3.75m deferred tax asset, the Market Cap should be almost 5x the current and, with farming into Valkor well(s) for a revenue stream you could argue it should be meaningfully higher. |
 "Result of General Meeting"
.
"TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that at the Company's General Meeting, held earlier today, the requisite Resolution pursuant to AIM Rule 15, as set out in the Company's Circular dated 23 August 2024, was duly passed by Shareholders."
.
"Accordingly, the Company will now proceed to complete the redemption of all of Greenfield's 10 per cent. membership interest in TSHII and finalise its 2024 Interim Results once the US$1.475m balance of the Cash Consideration has been received. A further announcement will therefore be made shortly with respect to publication of the 2024 Interim Results and restoration of trading in the Company's Ordinary Shares on AIM."
.
That has to be seen as positive. No reverse takeover needed (but still a possibility if it looks like a good prospect for shareholders), $1.475m coming into the bank, then get on with farming into Valkor wells. BOOOOOOM! |
"Result of General Meeting"
.
"TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that at the Company's General Meeting, held earlier today, the requisite Resolution pursuant to AIM Rule 15, as set out in the Company's Circular dated 23 August 2024, was duly passed by Shareholders."
.
"Accordingly, the Company will now proceed to complete the redemption of all of Greenfield's 10 per cent. membership interest in TSHII and finalise its 2024 Interim Results once the US$1.475m balance of the Cash Consideration has been received. A further announcement will therefore be made shortly with respect to publication of the 2024 Interim Results and restoration of trading in the Company's Ordinary Shares on AIM."
.
That has to be seen as positive. No reverse takeover needed (but still a possibility if it looks like a good prospect for shareholders), $1.475m coming into the bank, then get on with farming into Valkor wells. BOOOOOOM! |
Any feedback from anyone at the meeting? |
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