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Share Name Share Symbol Market Type Share ISIN Share Description
Tomco Energy Plc LSE:TOM London Ordinary Share IM00BZBXMN96 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.02 4.08% 0.51 157,899,029 15:43:22
Bid Price Offer Price High Price Low Price Open Price
0.50 0.52 0.515 0.475 0.485
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -0.78 -0.73 3
Last Trade Time Trade Type Trade Size Trade Price Currency
17:08:34 O 13,000,000 0.4985 GBX

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DateSubject
27/11/2020
08:20
Tomco Energy Daily Update: Tomco Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker TOM. The last closing price for Tomco Energy was 0.49p.
Tomco Energy Plc has a 4 week average price of 0.43p and a 12 week average price of 0.43p.
The 1 year high share price is 2.10p while the 1 year low share price is currently 0.30p.
There are currently 673,634,235 shares in issue and the average daily traded volume is 190,293,618 shares. The market capitalisation of Tomco Energy Plc is £3,435,534.60.
27/11/2020
14:56
thesageofsaint: This thing does not have a bottom. Look at the graph. It is inexorably heading for oblivion. Dilution, is like cancer, it will destroy every stock that uses it with such caprice as this board does. No business can create wealth at the pace that TOM destroys it with dilution. From 25m to 1.5b in less than 3 years. Just to stand still at a datum share price they would have had to create wealth of 70 fold to hold back the destructive affect of a 70 fold dilution. But yet have created zip value, but added 70 times the shares in issue. What can you not see all of you. I truly am at a loss to understand what kind of minds operate as yours do!!!!
27/11/2020
09:39
stuart little: It's a good point about the 2 raises but to secure the site the second raise would be very soon after the first. They would be obliged to mention the second raise in the first placing so the market would see through it. It would have held the share price back imo. Also there is no guarantee of the share price rising on switch on is there? Hope so but it's not really a surprise.
22/11/2020
19:29
stuart little: I'm too long in the AIM tooth to make guesses on share price movement. It will however herald the start of newsflow which will show this project is real! The news on the greenfield site and first oil from the POSP should be the driver for the bigger shift in share price.
20/11/2020
10:25
rmart: exactly Stu, same old,same old. Here is how Tomco did it.. 20 July 2017, just after the consolidation ... FOR TURBOSHALE. TomCo announces that it has raised GBP250,000 by way of a placing ("Placing") of 6,250,000 new ordinary shares of no par value in the Company ("Placing Shares") at a price of 4 pence per Placing Share ("Placing Price"). 12th April 2018. FOR TURBOSHALE. TomCo is pleased to announce that it has raised GBP600,000 (gross) by way of a placing ("Placing") of 20,000,000 new ordinary shares of no par value in the Company (the "Placing Shares") ("Ordinary Shares") at a price of 3 pence per Placing Share ("Placing Price"). Following Admission of the Placing Shares, the Company's issued share capital will consist of 48,917,800 Ordinary Shares with voting rights. 26th June 2018 FOR TURBOSHALE. TomCo today announces that it has raised GBP650,000 (gross) by way of a placing ("Placing") of 13,000,000 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 5.0 pence per Placing Share. Following Admission of the Placing Shares, the Company's issued share capital will consist of 62,117,799 Ordinary Shares with voting rights. 30th October 2018. Following the disataer that was the attempted 'WATERGATE' placing. FOR TURBOSHALE. Disposal of entire interest in Red Leaf Resources TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that it has raised GBP100,000 through the subscription of 1,176,471 new ordinary shares of no par value ("Ordinary Shares") (the "Subscription Shares") with an existing shareholder at a price of 8.5 pence per Subscription Share (the "Subscription"). The Subscription is conditional only upon admission of the Subscription Shares to trading on AIM. 14th December 2018 FOR TURBOSHALE. TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised GBP550,000 (gross) by way of a placing ("Placing") of 27,500,000 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 2 pence per Placing Share ("Placing Price"). Following Admission of the Placing Shares, the Company's issued share capital will consist of 90,794,270 Ordinary Shares with voting rights. 20thMarch 2019 FOR TURBOSHALE TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised GBP600,000 (gross) by way of a placing ("Placing") of 21,818,182 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 2.75 pence per Placing Share Following Admission, the Company's issued share capital will consist of 117,612,452 Ordinary Shares with voting rights. HAVE TO ADD THIS BEAUTY. 28TH June 2019 The Group has sufficient funds to complete the Field Test and through to the beginning of October 2019, 14TH August 2019 FOR TURBOSHALE TomCo Energy plc (AIM: TOM), the US operating oil shale exploration and development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to announce that it has raised GBP450,000 (gross) by way of a placing ("Placing") of 12,857,143 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 3.5 pence per Placing Share ("Placing Price") through Turner Pope Investments (TPI) Ltd ("TPI"), the Company's broker. Following Admission, the Company's issued share capital will consist of 133,451,543 Ordinary Shares with voting rights. And here we go.... TURBOSHALE DUMPED !. Tomco have now gone from 22.6m shares in issue to 117m. Next.... Oil Sands.. 4th Dec 2019 FOR OIL SANDS, they double the shares in issue. TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that it has raised GBP925,000 (gross) by way of a placing ("Placing") of 142,307,692 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.65 pence per Placing Share ("Placing Price") through Turner Pope Investments (TPI) Ltd ("TPI"), the Company's broker. The number of Placing Shares to be issued represents approximately 107 per cent of the Company's current issued share capital. Following Admission, the Company's issued share capital will consist of 275,759,235 Ordinary Shares with voting rights. 17th June 2020 FOR OIL SANDS, more than double share in issue again TomCo Energy plc (AIM: TOM), the oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that it has raised GBP1,500,000 (gross) by way of a placing ("Placing") of 375,000,000 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.4 pence per Placing Share (the "Placing Price") undertaken by Turner Pope Investments (TPI) Ltd ("TPI") and Novum Securities Ltd ("NSL"), the Company's joint brokers. The number of Placing Shares to be issued represents approximately 136% of the Company's current issued share capital. Following Admission, the Company's issued share capital will consist of 650,759,235 Ordinary Shares with voting rights. 16th November 2020 FOR OIL SANDS, more than double the shares in issue AGAIN. The Company has raised GBP3,500,000 (gross) by way of a placing (the "Placing") of 777,777,777 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.45 pence per Placing Share (the "Placing Price") through Novum Securities Limited ("NSL"), the Company's broker. The number of Placing Shares to be issued represents approximately 115.5% of the Company's current issued share capital.. And there you have it. Turbo shale binned, a new company (greenfield) set up in Usa being fed by good old Tommy. I am sure Greenfield will do well.
16/11/2020
08:02
damac: When I take a dispassionate and unattached read of the RNS I see that money has been raised for the following 3 considerations: • The Petroteq license • Funds to purchase a suitable site for 10k plant • Tomco working capital over next 12 months and beyond The Petroteq license Greenfield appear to have done a great bit of business in renegotiating the Petroteq license. In return for the £1.5m Greenfield have already put into POSP to carry out the upgrade, and the additional £500k now being put in by Greenfield, Greenfield now have a multi-site license to construct and operate multiple plants. The previous agreement was for $2M per plant to be paid to Petroteq in 2 payments (50% payable on start of construction of a plant and 50% payable on first production of such plant) – as per Petroteq RNS on 20th March 2020. https://ir.petroteq.energy/press-releases/detail/345/petroteq-announces-progress-on-new-technology-licenses-and Forgetting the cost saving benefits from now having a multi-site license for the price of what was previously agreed for 1 site license which could potentially save Greenfield millions going forward, the fact that the final payment has been made to obtain the necessary license to operate an upgraded POSP should be viewed as further indication that the plant will indeed be switching on soon (Monday 30th November). Funds to purchase a suitable site for 10k plant £1.5M has been raised to facilitate the securing of a suitable site for the Greenfield 10k plant. It is stated that a suitable site has been identified yet still to be secured and that this site is fully serviced to allow construction to commence quickly. It is further stated that the site is already fully permitted, I take this to mean in relation to construction of commercial plant involving oil extraction, though clarification on that and estimated resources on the site would be nice. The fact that they have decided to raise this money now, even before the POSP has been switched back on tells me many things. 1. POSP switch on is a formality. 2. It shows confidence that the upgraded POSP will demonstrate commerciality. 3. It tells me that the site identified is too good an opportunity to miss and they want it tied up as soon as possible. 4. It tells me that talks must have already started with a potential lender(s) of the funds required for the 10k plant (why even think of securing a suitable site if you haven’t got at least conditional approval from a potential lender of the funds for the 10k plant?). 5. It tells me that the overall project of a Greenfield 10k plant is moving quickly now, very quickly! Tomco working capital over next 12 months and beyond We always knew that Tomco were going to be needing additional working capital to see them through until a Greenfield 10k plant is up and running, now they have it (and more). It is what it is, not much more can be said on the issue. The 2 sums of money being put into Greenfield are on a 6% per annum interest basis with both loans due for repayment to Tomco by the 2nd anniversary (or sooner) of the date handed to Greenfield. Looking forward – the total value to Tomco from all outstanding warrants if taken up = £6,376,307 If Greenfield are able to secure the suitable site that they have currently identified it could mean that all going well, construction of the 10k plant could potentially commence in April/May/June 2021, which in turn means that we could have an operating plant by mid-2022. It is therefore very likely that all outstanding warrants will be taken up by their expiry date. By that time, we would be looking at estimated amount of extricable oil on site (assets), rates of production, and revenues from sales as being the drivers for the share price Outstanding warrants Novum Securities -46,666,666 warrants at an exercise price of 0.45p for a period of 2 years from 30.11.20 - Potential value to Tomco = £210,000 Whoever took part in the placing - 388,888,888 warrants at an exercise price of 0.9p for a period of 2 years from 30.11.20 - Potential value to Tomco = £3,500,000 Whoever took part in the placing - 187,500,000 warrants at an exercise price of 0.8p for a period of 2 years from 08.07.20 - Potential value to Tomco = £1,500,000 Turner Pope - 4,125,000 warrants at an exercise price of 0.4p for a period of 2 years from 08.07.20 - Potential value to Tomco = £16,500 Whoever took part in placing - 71,153,846 warrants at an exercise price of 1.5p for a period of 2 years from 04.12.19 - Potential value to Tomco = £1,067,307 Turner Pope - 8,538,462 warrants at an exercise price of 0.65p for a period of 2 years from 04.12.19 - Potential value to Tomco = £55,500 Turner Pope - 771,429 warrants at an exercise price of 3.5p for a period of 2 years from 14.08.19 - Potential value to Tomco = £27,000 Overall, I’m as disappointed as the next person with regards to the number of new shares and warrants being brought into play…..but……It’s happened and there is nothing I can do about it so all I can do is try and take as many positives from the RNS as possible.
16/11/2020
07:01
ducky fuzz: 16 November 2020 TOMCO ENERGY PLC ("TomCo", the "Company" or the "Group") Placing to raise GBP3.5 million and Multi-site licence with Petroteq TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that: -- it has raised GBP3,500,000 (gross) by way of a placing (the "Placing") at a price of 0.45 pence; and -- the Company's 50/50 joint venture with Valkor LLC ("Valkor"), Greenfield Energy LLC ("Greenfield"), has entered into a multi-site licence with Petroteq Energy Inc ("Petroteq") for the use of its closed loop system for use in the recovery of oil from oil sands (the "Oil Sands Technology") (the "Petroteq Licence" or "Licence"). The Placing The Company has raised GBP3,500,000 (gross) by way of a placing (the "Placing") of 777,777,777 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.45 pence per Placing Share (the "Placing Price") through Novum Securities Limited ("NSL"), the Company's broker. The number of Placing Shares to be issued represents approximately 115.5% of the Company's current issued share capital. Every two Placing Shares have one warrant attached, resulting in the issue of 388,888,888 warrants, with each warrant having the right to acquire one new Ordinary Share at an exercise price of 0.9 pence for a period of two years from the date of the admission of the Placing Shares (the "Warrants"). If the Warrants are exercised in full, this would result in the issue of 388,888,888 new Ordinary Shares raising a further GBP3,500,000 for the development of the Company's business, and which would represent approximately 26.8% of the Company's issued share capital as enlarged by the Placing. The Company has also issued, in aggregate, 46,666,666 warrants to NSL, giving them the right to acquire such number of new Ordinary Shares at an exercise price of 0.45 pence for a period of two years from the date of admission of the Placing Shares. NSL has entered into an agreement with TomCo (the "Placing Agreement") under which, subject to the conditions set out therein, NSL has been instructed by TomCo to use their reasonable endeavours to procure subscribers for the Placing Shares. The Placing Agreement includes customary provisions including that the Placing Agreement can be terminated, inter alia, if (i) there is a breach of any material warranty, or any of the other obligations on the Company which is material in the context of the Placing, and (ii) on any matter occurring or being likely to occur which, in the opinion of NSL, is (or will be if it occurs) likely to materially and prejudicially affect the financial position or the business or prospects of the Company or otherwise makes it impractical or inadvisable to proceed with the Placing. Background to the Placing and update on the POSP The Placing has primarily been undertaken to further progress the future plans of the Company's 50/50 joint venture with Valkor LLC ("Valkor"), Greenfield Energy LLC ("Greenfield"). As announced on 16 September 2020, the board of TomCo (the "Board") believes that the Pre-FEED (Front-End Engineering and Design) Report prepared by Crosstrails Engineering LLC, a subsidiary of Valkor, provides a high level of confidence that the processes being utilised at Petroteq's existing oil sands plant at Asphalt Ridge, Utah (the "POSP") can be scaled up to enable commercial production of 10,000 barrels of oil per day ("bopd") from a single site. Proof of commerciality though is subject, inter alia, to the successful completion of the proposed upgrade works to the POSP, that are currently being completed ahead of its restart, and the associated trials to demonstrate the commerciality of the processes used in the Oil Sands Technology and the identification and securing of a suitable site for a commercial scale plant (further details of which are set out below). The work being undertaken by Greenfield pursuant to a work order originally between Valkor and Petroteq that has been assigned to Greenfield, under which Greenfield has taken over the management and operations of the POSP (the "Work Order"), to upgrade the capacity and improve the reliability of the POSP is progressing as planned, with the restart of the plant expected in the week beginning 30 November 2020. Once the POSP has been restarted, Greenfield then intends on seeking to undertake a series of associated tests and trials, to be verified by an independent third party, to demonstrate both the commerciality of the processes used in the Oil Sands Technology and proposed design for the commercial scale plant, thereby enabling Greenfield to move forward with the final FEED report. In addition, as announced on 18 August 2020, following the restart of the POSP, Greenfield will be working with Quadrise, regarding a trial of Quadrise's MSAR(R) technology at the POSP. This will initially comprise the supply of oil samples produced by the POSP to Quadrise to enable them to undertake test work in the UK to finalise the required MSAR(R) formulations, before the planned on-site demonstration trial to produce some 600 barrels (100 tonnes) of MSAR(R) that is intended to be undertaken during Q1 2021. The Petroteq Licence In order to provide Greenfield with access to Petroteq's Oil Sands Technology and to enable it to be utilised in future commercial scale oil sands plants to be developed by Greenfield, Greenfield has entered into a new non-exclusive multi-site licence with Petroteq. The Petroteq Licence has been granted in consideration for the funding that Greenfield has provided to date in respect of the upgrades to the POSP, being US$1.5 million, and a further US$0.5 million to be invested by Greenfield into the POSP. This is an important step for Greenfield as it allows Greenfield to use Petroteq's Oil Sands Technology, which includes Petroteq's processes for the recovery of oil from oil sands, patents, other intellectual property and know-how, in any future oil sands plants to be built by Greenfield in the United States. The Petroteq Licence also clarifies the ownership of any IP developed as a result of the POSP upgrade and associated trials or otherwise developed by Greenfield in the future. Any such IP will be the property of Petroteq and pursuant to the Licence, Petroteq will grant Greenfield the ability to utilise such IP, together with any additional IP developed by Petroteq, in accordance with the terms of the Licence. For any future oil sands plants built by Greenfield utilising the Petroteq Licence, a 5% royalty of net revenues received from oil products produced from oil sand resources at any oil sands plants will be payable by Greenfield to Petroteq. The Board believes that a combination of the Petroteq Licence and know how being developed by Greenfield through the POSP upgrades and associated trials, will allow Greenfield to develop its own commercial scale oil sands plant, subject to securing a suitable location and funding. Pursuant to the terms of the Licence, Greenfield is required to engage Valkor as the sole and exclusive provider of engineering, planning and construction services for all oil sand plants to be built by or under the direction of on behalf of Greenfield under the Licence. Use of Proceeds In order to facilitate the Company's future plans for Greenfield, which assumes successful POSP trials and the completion of the FEED study, the net proceeds of the Placing of approximately GBP3.2 million will be specifically utilised as follows: -- US$0.5 million (approximately GBP0.4 million) will be loaned by the Company to Greenfield (the "Loan"), which together with the US$1.5 million already provided by the Company to Greenfield to upgrade the POSP, which as set out above, secures the new Petroteq Licence. Under the terms of the Petroteq Licence, the US$0.5 million will be invested by Greenfield into the POSP in order to satisfy the full consideration for the Petroteq Licence. The Loan will be unsecured and has an interest rate of 6% per annum payable at the same time as the principal of the Loan is repaid. The Loan is repayable on the second anniversary of the date of advance or earlier with the consent of both Valkor and TomCo or immediately on an insolvency event of Greenfield; -- Approximately GBP1.3 million will be utilised for the Group's general working capital purposes over the next 12 months and beyond and, if required, providing further funding to Greenfield; and -- Approximately GBP1.5 million will be retained by the Company with the intention that it is used, inter alia, to facilitate the securing of a site by Greenfield for the first proposed commercial 10,000 bopd plant using Petroteq's Oil Sands Technology pursuant to the Petroteq Licence. Once a suitable site has been identified, the Company intends on providing a loan to Greenfield, which will be on the same terms as the Loan, which will be used to secure the site. Whilst there is no certainty that it can be secured, a potential site in Uintah County, Utah, USA, has been identified by Greenfield that the Board believes has a number of key attributes that make it attractive. These attributes include, inter alia, the required infrastructure to enable construction to commence quickly, the required permits, and the land containing appropriate resources. Further announcements will be made in this regard as appropriate. Whilst the Board is confident that the upgrades to the POSP and the associated trails and tests will demonstrate both the commerciality of the processes used in the Oil Sands Technology and that the proposed design for the commercial scale plant is suitable to the recovery of oil from oil sands, in the event that the outcome of the trials and tests are not as expected resulting in the Company choosing not to proceed with the securing of a site, the Company will consider its options with regards to the use of the funds raised through the Placing for that purpose and/or whether to continue to provide funding to Greenfield. Admission The Placing Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the 777,777,777 Placing Shares will commence at 8.00 a.m. on 30 November 2020. Following Admission, the Company's issued share capital will consist of 1,451,412,012 Ordinary Shares with voting rights. There are no Ordinary Shares held in treasury. The figure of 1,451,412,012 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Commenting, John Potter, CEO of TomCo, said : "I am delighted that we have secured funding that, together with the multi-site licence, will enable Greenfield to move to the next stage of development. "We are confident that the upgrades to the POSP and the associated trials will demonstrate that the processes used at the POSP can be scaled to a commercial level and will allow Greenfield to move forward with finalising the FEED study. "In addition, I am delighted that we have secured a multi-site licence with Petroteq for the use of its Oil Sands Technology. Coupled with obtaining funding to facilitate the securing of a site for a future plant in the Uintah Basin, I believe TomCo is now very well positioned. "We look forward to the restart of the POSP and reporting on further progress in due course." Enquiries: TomCo Energy plc
13/11/2020
12:27
ducky fuzz: Hi PP .. thanks for the TXP tip. Not for me though. They had 3rd qtr results today where they said they were producing 1,310 bopd. They have a market cap of £190,000,000 Now TOMco's 50% share of Greenfield hopefully will be 5,000 bopd if all goes to plan. So can we read across & say that pro grata TOMco's market cap could be around £600,000,000 .. TOMco's market cap is currently £4,000,000 So could TOMco's share price be 150 x 0.6p = 90p What do you reckon rmart ? Could we see a market cap of £600m ?
11/11/2020
08:33
vauch: They where a cash shell that Tomco reversed into. Had high hopes for this co so many times and never jumped out apart from when the reverse into tom happened. Purchased £750 in netcentric and sold when Tom reversed into them and made £25k nice two week trade. Then started piling into Tom a few months later as the share price dropped. But with consolidations and mass share fund raisers destroyed my holding but not how much I had invested. So for me this is the last chance to come good.
02/11/2020
07:05
ducky fuzz: 2 November 2020 TOMCO ENERGY PLC ("TomCo" or the "Company") Board Changes TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces certain changes to the board of the Company (the "Board") with immediate effect. Board Appointments The Company is pleased to announce the appointment of Robert Kirchner and Richard Horsman as Non-Executive Directors of the Company. Robert Kirchner is an experienced board and oil industry executive, having spent over 30 years in senior roles in the industry, including focusing on new technologies and ventures. He is currently CEO of Cornerstone Energy Africa Ltd, an Africa focussed oil exploration and production company, and Managing Director of BCI International, a consulting and financial advisory business focused on the energy sector. His previous roles include being COO of African Power Corporation; CFO and Deputy CEO of Kungur Oilfield Equipment and Services; and CEO of First Africa Oil plc and Deputy CEO of Sibir Energy plc, when those companies were quoted on AIM. Robert also spent 13 years with ExxonMobil Corporation from 1988 to 2001, and worked extensively across Africa and the FSU. He has dual US/UK nationality. Richard Horsman has nearly 25 years' executive level experience with both public and private companies across a range of industries, with a focus on sales and marketing. He is currently Non-Executive Chairman of Main Market listed Toople plc, a provider of broadband, fixed line and mobile telephony solutions to the SME sector. He was previously Senior Independent Non-Executive director of Plethora Solutions Holdings plc and CEO of Cybit Holdings plc, both quoted on AIM. Prior to this, he held several senior roles in the IT industry, including with Global Telematics plc and The Baan Company. Between 2011 and the end of 2014, Richard was Chairman and CEO of Atego Group, a private company providing mission and safety critical software and consulting services to the aerospace, military and automotive sectors. Atego was sold to PTC Inc., which is listed on NASDAQ. Board Resignations Stephen West, Non-Executive Chairman, and Alexander Benger, Non-Executive Director, both expressed their desire to step down from the Board, given the increasing time commitment required as TomCo seeks to move to the next stage of its development, in order to focus on their other business commitments. Both Stephen West and Alexander Benger have therefore left the Board with immediate effect. Appointment of Chairman Following the resignation of Stephen West, the Company is pleased to announce that Malcolm Groat, previously a Non-Executive Director of the Company, has been appointed as the Company's new Non-Executive Chairman. Commenting, John Potter, CEO of TomCo, said : "As TomCo moves to its next stage of development, in particular progressing the work of the Company's Greenfield Energy joint venture, I am very pleased to welcome Robert Kirchner and Richard Horsman to the Board. "Robert is a very experienced oil industry executive whose skills and experience, particularly in relation to the exploitation of new technologies, will be invaluable as we move forward. Richard brings significant public company experience to the Board, coupled with an important sales and marketing focus. "With the reorganised Board, I am confident that TomCo has the right individuals in place to ensure that we can appropriately progress the commercialisation of the exciting opportunities we have. "I would like to thank both Stephen and Alex for their contributions to TomCo and I understand their need to focus on their other business commitments. I wish them well in their future endeavours."
05/10/2020
23:26
damac: Some need to drop the deliberate misinformation being put forward re the situation between Tomco & Valkor as it is unsubstantiated garbage. Greenfield Energy is a company owned 50/50 between Tomco & Valkor, it is a legal entity. One party just cannot dispose of the other from the company as and when they want. Both parties will share the gains/losses equally. The only way that Valkor can remove Tomco from the equation is by buying out the Tomco 50% holding IF Tomco were willing to sell. What Tomco bring to the table is a moot point, the point is they are at the table with their feet firmly under it. Greenfield Energy will fail or be a spectacular success and either way, Tomco will have 50% until such times as THEY decide to give it up by either folding the company or selling their stake. https://www.tomcoenergy.com/greenfield-energy-llc/
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