It is has been one very long and painful slide to oblivion with no good news......ever!
Despite the partial recovery in oil price we have been almost completely wiped out ......once again!
Of course not forgetting the poor sods who were wiped out during the last consolidation!
Yes he has been a disaster! I would have hoped that with the recovery in the oil price, we might have seen some signs that this is anything other than a basket case.
A case of 'file and forget' here I think....
So the chief executive had decided he wants to move on after presiding over a calamitous, turbulent and very disappointing period in the Tomco story.
He departs giving the company a loan of £100k but is charging interest at 8%
Well he must be one of the very few people who are going to make some money from an investment in Tomco!
Shame nobody else has been so lucky in their investment with this company. Let's hope the next Chief Executive does a better job for the long suffering shareholders, who have lost in excess of 90% or have been diluted out of their investment.
The consolidation was supposed to support the share price and add value for the holders who were left.....we are rapidly approaching the pre consolidation share price!
"An objective of the Consolidation and Sub-division is to create a shareholder base and share price that is more in keeping with the size and nature of the Company. An integral part of the Consolidation will be that it will reduce the number of shares in issue and the Board believes that will benefit the Company and Shareholders as a whole. The market price of a New Ordinary Share immediately after completion of the Consolidation and Sub-division is expected to be approximately 125 times greater than the market price of an Existing Ordinary Share. The Board believes resizing the Company's issued share value may also encourage greater liquidity and may result in smaller share dealing buy-sell spreads."
Hey, I'm a bit lost in the whole share game. I thought I held 2000 shares in TomCo but have just logged in to registrars portal to find it is no longer listed in my portfolio (It was last time I looked). I can add TomCo in manually so it's the same registrars, but I am guessing something has happened to my holding before they have disappeared from the portfolio? Just confused as to why it doesn't just give any consolidation info on the portfolio? I'm not very good at following all the paperwork that comes in, so have probably missed something important? Anyone know what my position might be with these shares?
The downward trajectory continues at between 5&6% per day since the consolidation. I guess you could extrapolate the the graph to see when we arrive back to a tenth of a penny.......My gosh holding this share certainly makes for a depressing experience!
Dont panic when you see that your shareholding is much reduced tomorrow morning! Consolidation takes effect from 8.00 Monday.
The mechanics of the consolidation are all very well. What I am interested in is will it do anything to transform the prospects for SP growth? Will Tomco be seen as less of a (not even) penny share? I would certainly like to think that this is the start of a fight back and that Management are now refocussed on what we all invested in - oil shale.
Let's see what happens tomorrow and whether the momentum from last week continues....
Surprised no one has posted today give significance of the update. Looks as if TurboShale might get off the ground, although theuy have not as yet raised funding. This looks to me as if they already know where the money is coming from though:
"TurboShale is seeking to raise up to US$1.5 million by way of a private placement, the net proceeds of which shall be applied to its laboratory testing programmes, further patent applications and to general working capital."
The other good news is that Red Leaf are not quite dead in the water:
"Red Leaf Resources Inc. .... has reached a settlement agreement with Total E&P USA Oil Shale, LLC. The settlement releases both parties from any obligations related to the RedLeaf's Seep Ridge site, and whilst the details of the settlement have not been disclosed, TomCo understands RedLeaf has in excess of US$100 million in available cash and no debt and that it intends to continue to pursue its business plan of commercialising the EcoShale Process."
So, Red Leaf now have funds to continue without Total which can only be good for Tomco.
This might bactually go somewhere yet....!
From yesterday's RNS announcement the shareholder base is about to be dramatically reduced in size.......
Share Capital Consolidation and Sub-Division
As at 16 May 2017 (being the last practicable date prior to publication of the Notice of Annual General Meeting), there were 2,847,189,198 Existing Ordinary Shares in issue and the Company had 2,725 Shareholders. Of these, some 2,097 shareholders had holdings worth less than £17.50 (based on the closing mid-market price of 0.07 pence per share as at 16 May 2017) representing approximately 77 percent of the total number of Shareholders, but only 0.32 percent of the Existing Ordinary Shares.
The Board believes that the current size of the Shareholder register is disproportionate for a company of its size and that, consequently, it is not in the Company's best interests to continue to bear the financial and administrative burden of servicing such a large shareholder base. Further, the Board believes that, due to their small holdings, many Shareholders may have considered selling their Existing Ordinary Shares but have decided not to do so in the light of dealing and administration costs relating to such a sale. In common with other companies in similar circumstances, the Board is therefore proposing a restructuring of the Company's issued share capital, the aim of which is to reduce the number of Shareholders thereby achieving cost savings for the Company, whilst at the same time returning value to Shareholders with smaller interests.
An objective of the Consolidation and Sub-division is to create a shareholder base and share price that is more in keeping with the size and nature of the Company. An integral part of the Consolidation will be that it will reduce the number of shares in issue and the Board believes that will benefit the Company and Shareholders as a whole. The market price of a New Ordinary Share immediately after completion of the Consolidation and Sub-division is expected to be approximately 125 times greater than the market price of an Existing Ordinary Share. The Board believes resizing the Company's issued share value may also encourage greater liquidity and may result in smaller share dealing buy-sell spreads.
The Directors believe this will lead to the Company having a more readily understood share price and number of shares in issue. Consequently, the Directors believe the Company's shares may be more attractive to some investors.
In accordance with its Articles, the Company may by resolution consolidate and divide all or any of its shares into shares of a larger amount than its existing shares and sub-divide its shares or any of them into shares of a smaller amount.
grandslam - look at the trading! Ten times average daily volume today. And trades at and above .09 including one of 17M. Looks very much like signs of life to me.
A poster on LSE (thx Shadoww) posted this article:
Ok, so what has been achieved this year?
"Not much" would be the simple answer.
However, the company IS still functioning and has SOME funds. Worringly we went from Around £375k as per RNS on 7/10 to £285k as per RNS 22/11 due to "settlement of accrued liabilities" presumably costs in relation to the abortive Palm Oil project. With recent board, adviser and broker changes you would have to question if there has been some sort of crisis of manangement, or at least direction. Hopefully a refocus on oil shale will produce some results especially with a Trump govt in place and an Oilman as Secretary of State!
What I would like to see in the New Year is a plan as to what will be done next and how this can be moved forward. With the Oil Prices showing some signs of life, 2017 just might be a good year for Tomco.
Marbella Mike - are you still out there? Your views appreciated.
A complete waste of time that was. At least the move back to shale oil might be well timed with the US President Elect in favour of a more loosely regulated energy policy. Let's hope for some progress in 2017.
Biggest volume day since 2011 with over 81m traded. If it has been Altima continuing to offload, they could be pretty much clear now with only 57m left as per RNS. Now they are below 3%, I guess we wont get to know. Somebody muct have been buying them otherwise we would have gone through the floor, althouigh it did tail off towards the end of the day.
Tomco Energy assessing West African palm oil venture
07:27 19 May 2016
Tomco says the palm oil opportunity has low capex costs and potential for cash flows starting in mid-2017.
Picture of palm oil kernels, from which crude palm oil is produced
From Red Leaf to red kernels: Preliminary due diligence is now underway
Following the appointment of deal maker Chris Brown last month investors in Tomco Energy PLC (LON:TOM) are looking forward to acquisition news.
Tomcos primary asset to date, an oil shale venture reliant on ground-breaking new technology, was waylaid amid crudes downturn, and now the groups newly hired chief executive will look to bring some diversity and near-term impetus.
In Tomcos financial results statement, released today, the company highlights it is currently carrying out preliminary due diligence on a new opportunity a palm oil milling project in West Africa.
The AIM-quoted company described the opportunity as having low capex costs and potential for cash flows starting in mid-2017.
It is an opportunity that appears to fit Tomcos remit.
In todays statement, the company highlighted: the directors believe that examining low-cost opportunities with near-term cash flow would be beneficial to the company and its shareholders while the EcoShale In-Capsule demonstration project is progressed.
Chris Brown, the founder and former managing director of London Mining, is an indirect beneficiary of TomCos largest shareholder Kenglo One (which own 23.8%).
He has offered to provide the company with a £150,000 convertible loan and the terms of that arrangement are currently being finalised.
In the meantime, due diligence continues.
Chris has a mandate from the board to consider the acquisition of assets that will produce positive cash flows for TomCo whilst not being majorly dilutive for existing shareholders, Tomco said.
Using these tests, the hydrocarbon and mining sectors have not proved to be fruitful so far, largely due to low commodity prices, TomCo's low market capitalisation, and the high cost of cash generating projects.
The board has, therefore, decided to widen its scope of interest. For example, it is currently completing preliminary due diligence on a new palm oil milling project in West Africa, further information in relation to this potential project will be provided in due course subject to the successful completion of our assessments.
In terms of the financial results, the pre-revenue group reported a £207,000 loss for the twelve months to March 31, and ended the period with £102,000 of cash and equivalents.
Just catching up on the wording of the last RNS:
"Under Isle of Man law, a company is unable to issue shares at a subscription price which is less than the par value of shares of the same class. This means that, if the par value of 0.5p per ordinary share is applicable to the existing ordinary shares and the mid-market closing price of such ordinary shares on 25 April 2016 (being the last practicable time prior to the publication of this announcement) was 0.09 pence, it is not possible for the Company to raise new equity capital."
So does that mean that the share reorgansiation is being done to enable a placing? Reads that way to me. Wonder how much and what price...?
Altima Global special Situations offloading exactly 5m shares - down from 107m to 102m on the 21st. Interesting that was the day the sp fell from 0.14 to 0.10 and included a sell of over 9m so someone else must be dropping too. Question is, who is buying them?
Well, the new appointment seems to have pleased the market. A substantial increase in volume Wed/Thur and a 'mid teens' sp. I guess it suggests confidence that TOM wont run out of money at this level.
If we can just keep ticking over until th PoO rises above, say $60, we should see some sort of return here. I do wonder, if the PoO does increase quickly (as some suggest), whether TOM will just be bought out before Redleaf even get a capsule built, never mind producing. If so, I hope it is not let go 'on the cheap'!
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