Tomco Energy Share Discussion Threads

[lopodop] 08/4/2023 09:48

No doubt TOM has in place the necessary insurances to cover its one employee for the usual risks, particularly so in this case as there is no double cover. What happens if JP is unable to function as CEO and what back up is there to ensure continuity to all ongoing negotiations for which he is responsible?
One assumes the auditors have stress tested this risk as the consequences for TOM could be serious to say the least. To have three non execs and no employee is somewhat inconvenient.

[lopodop] 08/4/2023 09:00

Valkor may view JP's salary hike with some concern given the fact he has yet to deliver - also the paucity of cash availability may cause doubt particularly if little progress is made with a potential funding partner.

[fenners66] 07/4/2023 23:02

bountyfull
7 Apr '23 - 19:43 - 30112 of 30112

"So Valkor are not worried that they wont be repaid"

Given that they varied the terms and TOM still paid another $250k (without informing the shareholders when this happened other than a footnote in the accounts ) it seems they do not have to concern themselves too much with the terms.

I guess Valkor have TOM exactly where they want them.
2% interest a month - which by looking at the translated o/s loan is being paid about monthly
and possibly just asking TOM for $250k which TOM duly obliges - otherwise ?
There is a lot of co-operation that TOM's intangible asset value hinges on.....

[bountyfull] 07/4/2023 19:43

On 30 November 2022, the terms of the Valkor Loan, which is unsecured, had been varied to extend the repayment date beyond 31 March 2023 for the remaining principal amount of the loan to the completion date of a suitable funding transaction for Greenfield that provides sufficient funds to enable the Company to affect such repayment.

So Valkor are not worried that they wont be repaid. Reassuring.

[shaunx] 07/4/2023 19:08

It messed Andrews head that's why he's on here 24/7 bashing.

[lopodop] 07/4/2023 18:21

PaulfromYahoo
Too right. That's why TOM must not mess investors around! Either it can do the deal and do it this month OR tell investors it is not going to happen and not prevaricate.
The Board have had more than reasonable time, in fact far too long.

[paulfromyahoo] 07/4/2023 16:42

Life's too short.

[lopodop] 07/4/2023 15:35

TOM has become a laughing stock quite literally, aided and abetted by foolish investors.

[lopodop] 07/4/2023 15:30

LOGICAL MISTAKE says Goulding1215 - try that on the lawyers.

[goulding1215] 07/4/2023 15:23

Have to agree with Rmart on that.a logical mistake probably made by the BOD, although the Chairman is an accountant. This is a fairly strong clue is already hinted at by Damac, andin the accounts preamble. Last years accounts no longer important. I thought the preamble was good. Everything still in place. Now get set and ready for the off to produce oil, in what looks a good time and year to be producing oil. Aimho.

[the diddymen] 07/4/2023 14:48

Reichy has come up with a post speculating on the other thread why the accounts might have been delayed.

There is no need for speculation it was all described on this thread before the suspension.

Anyway Reichy then goes on to add a bit more speculation:

"Accountants would not sign off as not enough cash, Funding cannot complete until Accounts signed off. Hence the reason they did £1m in 4 tranches of £250K. My guess is they will not draw the full £1m and it was done like that to satisfy accountants"

Just my guess Reichy but if they do not use the full £1m it will be because shareholders have lost their appetite for second hand Novum shares, not because they do not want to draw it down.

[fenners66] 07/4/2023 14:39

I admired the audacity of this bit....

Bearing in mind I don't believe anyone is going to lend them $200m+

"Engineering phase is expected to take three months with construction of the first plant to take approximately 12-15 months thereafter before initial operations can commence. There can be no certainty that such preferred funding arrangements can be successfully concluded"

So if anyone wanted to lend them $200m it arguably would take 3 months before anything starts (as if) then another -
(optomistic) 15months before attempting a return....
add in a bit here and there and add in engineering and construction inflation - of say 10% pa (they are always higher than CPI as there is nothing the client can do)

so you are looking at needing about $240m with no return for 2 years and the best loan they have (with no collateral) at the moment is 2% per month - so assuming a straight line draw down and they get start the process (as if ) owing about $304m

Then the interest cost alone would be $5.8m a month and rising ....

But financing for hydrocarbons is drying up in this ESG world....


No chance.

[fenners66] 07/4/2023 14:27

See how the narrative has changed , from finalising to

"remains confident that suitable funding arrangements can be successfully concluded during 2023 despite the current challenging macroeconomic environment"

Now giving themselves the rest of the whole year.....

remain
despite
challenging

Those are words you expect from a footy manager that has lost his last 6 or more games....

[ace ventura11] 07/4/2023 13:13

I Still Await the capitulation. The wrapping up of the current fantasy story, the roll over into a new one with the inevitable 100 for 1 consolidation.

Then once we are back to 30 million shares @ 3p. Like last time. I will buy a few million, while the bruised and battered current co hort of share holders, whine about their Massive losses. Are too bruised STILL, to re trust Old Fat man (potter or by then a new CEO Derelict).

Let the dust settle and the Story develop, let these rise to 15p, I will dump just before the first dilution occurs and the dummies like ?? Vauch, Goulding and YOU RMART, get re caught in the net of the mega billion barrel fantasies.

Then once again, I will repeatedly inform on how the then new fraud is un ravelling. Rinse repeat its a 4-5 year cycle and we are now at its end..

[rmart] 07/4/2023 13:06

im pretty sure your posts here will be deleted soon. Lots to come. Anyway off to the footy now. Much more important than reading your soon to be deleted nonsense.

[rmart] 07/4/2023 12:49

Ace, is it time to delete all of your posts again yet? Maybe you should delete the ones on ethernity networks, hows your multibagger going lol... Delete, Delete !

[ace ventura11] 07/4/2023 12:42

Funding news was announced Rmart, or did you miss it?

When the abject Fraudsters, led by the derelict Cake Maker, told you dummies, that they had, with the loan sharks Novum, agreed the death Spiral, mega to you mugs dilutionary Convertible loan.

Then Funding for the Salaries to the Cake maker and his cronies, including Company Liars (lawyers), nomads etc was once more bagged for the next 6 months.

Thats the only funding EVER that will be forthcoming here. WHY?

Because as I have repeatedly told you Mugs.

NOTHINg, NADDa, is occuring on any wasteland in Utah.

IT Never has AND never will. ITS Just a Fairy Tail (Spelt correctly as it wags you dummies like its supposed to) to keep you dullards dreaming, as the share price spins in a vortex fashion, ever more quickly down the proverbial plug hole.

0.2p coming soon, then 0.1p and 0.05p.

By then 5 Billion shares will be floating around. But Hey

Alls Good is it not? Happy Easter you Silly Billies

[shaunx] 07/4/2023 11:32

https://youtu.be/FmetjUlELWYSays enough for me - APPROVED

[fenners66] 07/4/2023 11:31

Just for clarity for those gamblers who don't actually read the RNS's

14 October 2022
"announces a repayment of US$250,000 and further extension to the repayment date for the remaining US$1,000,000"

30/11/2022
"The Company announces that the terms of the Valkor Loan have now been further varied to extend the repayment date for the remaining US$1,000,000 principal amount of the loan to the completion date of a suitable funding transaction for Greenfield that provides sufficient funds to TomCo to, inter alia, enable it to affect repayment. "

Except of course we now are informed it wasn't .....

Bit like being told by a CEO that someone owns 25% of your company , ..... when they don't...

[rmart] 07/4/2023 11:28

Well FWIW here is my thoughts behind the accounts being late etc.

After digging and reading up on Cash Runway formulas and what accountants need to sign off PLC accounts, I see this.

Accountants/Auditors/Nomads etc need to see that a company has sufficient funds to operate for a certain period of time in order to sign off on accounts.

It seems tom had £150k in the bank at and March. Obviously not enough to get accounts signed off.

I think the BOD thought they did not need funds as, if the funding had been completed there would be no need for it. I read the accounts as they wanted the accounts signed off as they have the funding almost complete but could not announce it until after accounts sign off.

So Chicken and Egg scenario.

Accountants would not sign off as not enough cash, Funding cannot complete until Accounts signed off. Hence the reason they did £1m in 4 tranches of £250K. My guess is they will not draw the full £1m and it was done like that to satisfy accountants.

I am hoping the funding news will follow pretty quickly now. All in my humble opinion.

[fenners66] 07/4/2023 11:24

Another really interesting snippet and not one that was previously RNS'd
is
30 Nov - the terms of the Valkor Loan were also varied to extend the repayment date for the remaining $1 million principal amount to the completion date of a suitable funding transaction for Greenfield

So they told us its ok we don't have to pay it back until we get funding - collective sigh of relief from the gamblers no doubt - there should be sufficient funds to keep TOM afloat and perhaps no more fund raise until everything achieved ?

But then this bombshell -

"As at the date of this statement the principal amount outstanding in respect of the Valkor Loan was $750k"

So they have since paid $250k anyway !!

So why not tell the gamblers that despite "not having to" they paid off another $250k
So if they do that 3 more times when does the cash run out ?

Given the fact they are now having to raise another £1m to satisfy their Going Concern justification ,
should they have made that decision to pay $250k ?

Not having to pay , but still actually paying and then fund raise whilst share price is 0.31p ......

As they always say make your own minds up , gamblers....

[fenners66] 07/4/2023 11:13

Looking at the last 2 sets of accounts
and the original RNS re Valkor loan which stated that 15% interest and fees was payable by 31-5-22 and 2% thereafter
It looks as though some of that cost + the monthly 2 % interest has found its way into "admin costs"
Otherwise should it all be classified as Finance Costs its about £50k light by my calculations....

However what I can surmise is the monthly interest is being paid as the closing balance of the term loan
£1144k would be the $1250k at $1.115/£ + about a months worth of accrued interest.

By my calculations starting with the 15% Valkor should have earned about $340k from the arrangement by the 30th September 2022

Nice little earner as it seems it was actually being paid....