Tomco Energy Share Discussion Threads

[the diddymen] 07/4/2023 10:19

Fenners - the sign off problems were all predicted on this thread, as was the sign off once the funding details had been secured and audited.

Nice to see a few from the other thread posting over here.

Next up TOM need to generate a price bounce and more importantly increase volumes to enable Novum to short sell their 160m shares or whatever.

[lopodop] 07/4/2023 10:10

Let's see what happens next week. Could it be the auditors had other reservations beyond the going concern issue.
PKF have to clarify the 'loss on joint venture' error note, for 23 - what is the missing number in which case how does this fit in. The senior audit partner has yet to sign off the report which makes one think PKF had not authorised the release of the numbers so there will be heated exchanges over this weekend to decide what to do.
All in all it seems to be a spectacle of incompetence. Can the financials be trusted or should there be another audit?

[wilson2] 07/4/2023 09:57

How much time does it take to audit the accounts of a company that has never sold a product , earned any income other than robbing investors of their money, how these directors haven't been dragged to the courts for money they have taken to pay their salaries is unbelievable, it's as bad as any scam that steal money from the public

[fenners96] 07/4/2023 09:56

There's more clutching at straws going on over here than in a game of kerplunk!

[fenners66] 07/4/2023 09:34

So on the 3rd of April TOM was suspended with the RNS stating that ""the Company was required to publish its audited Annual Report by 31 March 2023. However, the Company's auditors have requested additional time beyond the originally planned timetable to complete their audit. While the audit process has yet to be concluded, "

Essentially making it look like the auditor was to blame for the delay.

As we already knew and posted on here the "delay" to the accounts was caused by the late announcement of probable future finance - which was required so as to give some chance to the cash flow to create a going concern.

Thus from the full accounts re Going Concern :-

"The forecast, which includes all commitments at the date of this report, indicates that the cash currently held by the Group together with the most recent convertible loan facility of up to £1 million which was secured post the financial year end (as detailed in Note 28 to the accounts - Subsequent Events), will be sufficient to fund ongoing costs for at least the next 12 months, assuming that no revenue is earned by the Group during that period, beyond which further funding will be required"

So the Convertible Loan note was key to being able to present TOM as a going concern.
Nothing new in that revelation to the us.
That being arranged at "2 minutes to midnight " does not make sign off the auditors fault.

[lopodop] 07/4/2023 08:08

Shaunx
Then set out the positives you clearly perceive for the benefit of all the gamblers here present.

[lopodop] 07/4/2023 07:42

Groat's Soliloquy expresses confidence in TOM's team of directors to enable TOM to be pull off the various deals. Yet the numerous caveats that have been expressed year on year cast doubt over his confidence and ability to make it happen.
So why does he not level with investors and express his realistic view which must be that TOM is very likely to fail. At least it would show realism and honesty and allow those investors who have had enough to jump ship and leave it to the 'gamblers' of whom there are many to bet on JP - He after all is the principal asset.

[shaunx] 07/4/2023 07:39

Cheers for the totally negative slant on the rns Andrew, not quite the company ending news you boys were predicting mind, so I guess you had to dig again somehow to save face.

[lopodop] 07/4/2023 07:13

Given this unfortunate mess up over the accounts finalisation, approval and sign off, will there be board changes?
As for auditor charges, if BDO was paid in excess of £70k, always assuming that figure is correct, then why?
JP seems to have done quite well up to September 2022 - what is his current wage packet given that he has yet to deliver.

[lopodop] 07/4/2023 06:46

The financials have not been signed off by PKF IE senior stat auditor etc - so Groat should withdraw these, pause for breath and start again.
PKF may be / will be more than concerned - what about investors?

[fenners66] 07/4/2023 01:20

The accounts make an interesting read....

Obvious that they have been put together at short notice and not proof read properly ... so clearly time was of the essence here , and that must have been for the next loan advance...

Why ?
Because the P&L has

"Share of loss of joint venture - Error! Reference source not found. "

Absolute shambles !

[fenners66] 07/4/2023 01:12

"During the year, audit fees of £74,800 (2021: £34,337) were paid to BDO LLP, the previous auditor"

[lopodop] 06/4/2023 21:23

Auditors changed to PKF BUT what were BDO paid and why?

[ors1] 06/4/2023 21:19

Keep up, BDO are not the auditors.

[lopodop] 06/4/2023 20:41

Did Groat put pressure on auditors to release accounts today - did auditors need more time and if so why?

[lukeisbackontrack] 06/4/2023 20:20

Chooo choo £1 soon pmsl

[lopodop] 06/4/2023 19:54

JP's salary increased to £233k.

Share of loss joint venture - seems to be error reference so clarification required.

Auditors have changed - ? HOW much have BDO been paid.

As usual piles of notes but are investors any wiser?

At least JP is regarded as accomplished - still - so wait and see or should it be wait and wait!

[wilson2] 06/4/2023 18:18

Jam tomorrow as always, totally abusing those in Tomco

[fenners66] 06/4/2023 17:41

As for awaiting due diligence , that excuse has been on the table for a very long time now...

remember this RNS ?

24 Jan 2022
"Additionally, the net proceeds will be applied to cover the Company's expenses in relation to a due diligence exercise, expected to commence shortly, in order to secure funding of up to US$145 million to Greenfield"

Obviously , JP's and SL's version of shortly are about the same.
Are you the same person SL ?

[fenners66] 06/4/2023 17:36

Celebrating NOT being suspended , small mercies eh?

If you read back through , we said it was always likely a deal would be done to remove the suspension , people are making cash out of this listing , even if it is not those patient shareholders (or should that be patients?).

[thesageofsaint] 06/4/2023 15:52

Told you it would be back. No one is going to strangle this golden egg layer.

[ducky fuzz] 06/4/2023 15:47

Should go up again before the close.

Open again Tuesday.

[ducky fuzz] 06/4/2023 15:08

No the share price colour LOL.

[vauch] 06/4/2023 15:07

it means you are a paid up ADVFN member.

[ducky fuzz] 06/4/2023 15:03

What's this strange colour blue mean ?