Tomco Energy Share Discussion Threads

[vauch] 05/4/2023 10:14

Plan, what Tomco with a plan, not so sur about that

[fenners66] 05/4/2023 09:48

TD - that is the irony of this leaving everything to the last minute attitude.

It may be the Novum support once executed is enough for the auditors, but since they have not signed off
the shares are suspended.
Since they are suspended and quite often shares dive post suspension , Novum may not wish to take a risk
(the average of the last 15 trading days less their discount and no pre-selling may leave them with a liability)
so they do not proceed, so accounts do not get signed off and its stalemate.

Given the logical outcomes at the end of that I suspect some deal will get done.

But if stalemate continues the end game would be loss of listing ?

Surely a long suspension could not continue though could it ?
Err just look across at PQE .....

[the diddymen] 05/4/2023 08:45

One of those rare times that I agree with Reichy (08.02 on the other thread). This could get quite messy if Novum cannot pre-sell because of the suspension. The solution is probably to keep the share suspended until there is news from Valkor et al to lift the share price. The problem (as we have pointed out on this thread) is that effectively TOM have off shored their news and they are no longer in control.

[rmart] 05/4/2023 08:30

Possible yes, but not just for me, you could top up cheap again vauch.

but not if both announcements come on the same day. Which may be the plan?

[vauch] 05/4/2023 08:27

And a cheaper entry for Rmart

[lopodop] 05/4/2023 08:23

RMART
You can be assured that the implication of suspension for whatever reason must minimise any confidence that the possible funding partner had before this event.
You may have to accept that TOM is on end of life care - possibly VALKOR or its associates will pick up the pieces whatever these amount to and that is it.
Time and time again you were warned.

[the diddymen] 05/4/2023 08:23

Lopo the ability of TOM to raise money depends largely on the existing shareholders buying up the new stock. If they do not and the share price falls by more than the dilutionary impact of the new shares, then so increases the risk of a loss of confidence and the inability to raise the required funding (death spiral financing).

I suspect that the issue for the auditors is whether there is a get out of jail free clause for Novum from the word 'committed', or that the auditors do not believe that the BoD will exercise the loan at their sole discretion before 31 March 2024.

As Fenners points out the auditors will also have to check the debits and credits of the new warrant provision, although that should just be mechanical.

TOM should also be on the BDO 'at risk register' and that might complicate sign off.

No surprises really.

[rmart] 05/4/2023 08:02

If the accountants and nomad demand proof of funding before the shares are released from suspension then holders could be in for a long wait imo.

But then if they get the funding and release the shares from suspension on the announcement of such then the chance to buy cheap will be gone.

If they do release the shares from suspension on accounts publication but no funding announcement then I fear there will be a big sell off.

[lopodop] 05/4/2023 07:02

TD
May not be ‘going or not going concern’ a form of words would have resolved that to both to Board and auditors satisfaction.
Audit firm may have good reason to hold back or / and their work is being peer reviewed or subject to FRC overview.
There may a legal issue which is of concern to auditors - given the company’s size it is going to be something out of the ordinary.
What is certain is the Directors are embarrassed to say least and there may be ‘war’ at Bd level.
If you enquire of BDO you will be advised they have an expanding AIM audit group which is well resourced so manpower issues are not in point.

[lukeisbackontrack] 04/4/2023 23:20

„ rest assured that Tomco is not in trouble”

You guys are hilarious, tomco shareholders are better than stand up comedy

[the diddymen] 04/4/2023 20:41

Fenners agreed. The transactional audit work would have been minimal. The only real question was going concern. As predicted on this thread they did not have enough cash for 12 months, and the terms of the convertible loan RNS'd on 30 March 2023 will be central to the auditors work. TOM wrote off most of its balance sheet last year and its 'assets' are only just over the threshold of 'material'. Most of the audit fee will be for work on the Directors' remuneration.

[fenners66] 04/4/2023 17:01

I wonder if Strand H could answer the question When did TOM have all of the information ready for the audit to be completed ?
Would that be 1/10/22
or
31/3/23 ?
or
is it even all ready yet ?

No business to audit , so just a case of delay the audit until there is either something to report or a full explanation of how they remain a going concern , everything else could have been compiled in a few days and the annual report regurgitated from the previous one.....

[the diddymen] 04/4/2023 15:31

Copy and pasted from LSE:

I spoke to the nominated advisor at Strand Hanson Limited today and they confirmed this is not a reflection on Tomco and is down to auditor resources. This is happening to lots of small public companies at the moment. So feel rest assured that Tomco is not in trouble.

Cringe making stuff......

[vauch] 04/4/2023 08:26

OOPS I had not noticed it as was paying to much attention to the loan note.
*
As previously announced, Greenfield currently owns a 10% Membership Interest in TSHII and holds an exclusive option (the "Option"), exercisable at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$16.25 million which was scheduled to expire on 31 March 2023 (the "Agreement"). To allow additional time for the abovementioned funding package to be secured, the Agreement has now been varied in order to further extend the exercise period of the Option. Accordingly, Greenfield may now exercise the Option, at its sole discretion, by delivering a notice of exercise on or before 30 April 2023 and making payment of the US$16.25 million cash consideration by no later than 5 May 2023. However, there can be no certainty that appropriate funding arrangements will ultimately be successfully secured or as to the terms of any such funding or consequently that the Option will be exercised.

[fenners96] 04/4/2023 08:21

The TSH2 deadline has already been moved to end of April. Still getting my head around yesterdays incompetence.

[gjabrj] 04/4/2023 08:17

Well we are all locked in now!!!

[vauch] 04/4/2023 07:06

Looks as if its another roll over tomorrow.

[bungeetrader] 03/4/2023 19:53

Mmmm.....
Is it about to all kick off at Tomco/Greenfield???

[busamitch] 03/4/2023 19:35

The Board has decided to propose a purchase of 100% of the
shares in Valkor Environmental LLC ("Valkor") for the General
Meeting. Valkor owns 6 parcels in Unitah County in Utah, a
license to extract oil as well as a license to use the extraction
technology of Petroteq Energy Inc. The company has 1P and 2P
reserves corresponding to approx. 121 million BOE. The
company is currently owned by Global Commodities Business
Partners Ltd ("GCBP") and after the acquisition, GCBP will be
the company's largest shareholder. The purchase price is set at
NOK 2,624,964,120 and will be settled with new shares in
Ecoteq. The shares are issued at NOK 9 per share each with a
face value of NOK 5, which values the equity in Ecoteq to NOK
10,049,508. The Board has based its valuation on a Competent
Persons Report (CPR), carried out by Chapman Engineering
PLC, which values the assets in Valkor at between approximately
USD 593-910 million at a discount rate of 20%, corresponding to
between approx. NOK 6-9 billion which implies that the
acquisition price is a discount of between approximately 55-71%.
The CPR report is available to shareholders on request.

[lukeisbackontrack] 03/4/2023 19:15

What he said. This is strong buy for sure. Not exciting, VERY EXCITING LOL PMSL.
They don’t even use Vaseline anymore.

[fenners66] 03/4/2023 18:23

Some deluded soul is now speculating that failing to file accounts on time was deliberate , FFS !

Is there any limit to their sycophancy?

We know there is no financing in place so far , now take a substantial finance house and ask them are they
a, more likely to lend to a company that fails one of its two annual tasks ?
or
b, less likely ?