TomCo Energy PLC Settlement of Loans and issue of shares (0220N)
14 January 2019 - 10:15PM
UK Regulatory
TIDMTOM
RNS Number : 0220N
TomCo Energy PLC
14 January 2019
14 January 2019
TOMCO ENERGY PLC
("TomCo" or the "Company")
Settlement of Loans and issue of shares
TomCo Energy plc (AIM: TOM), the oil shale exploration
development and technology group, today announces that the loans
provided by Chris Brown on 31 December 2017, 24 March 2018 and 11
April 2018 totalling GBP250,000 (together the "Loans") have now
been settled in full (the "Settlement"). The Loans, which attracted
8% per annum interest, were due for repayment in March 2019.
Pursuant to the Settlement, Mr Brown has agreed to accept
GBP100,000 of the Loans be converted into new ordinary shares of no
par value in the Company ("Ordinary Shares") (the "Settlement
Shares") at 2 pence per share, being equal to placing price of the
latest placing announced on 14 December 2018, resulting in the
issue of 5,000,000 new Ordinary Shares to Mr Brown, with the
balance of the Loans being repaid in cash. Following the issue of
the new Ordinary Shares to Mr Brown, his shareholding will increase
to 10,567,400 Ordinary Shares representing 11.74% of the enlarged
share capital of the Company. The Board welcomes the increase in Mr
Brown's shareholding and thanks him for his continued support, as
demonstrated by his willingness to convert a significant proportion
of his Loan into new Ordinary Shares at the most recent Placing
price.
As Mr Brown was a director and a substantial shareholder, as
defined in the AIM Rules for Companies, of the Company within the
last 12 months, the Settlement represents a related party
transaction under Rule 13 of the AIM Rules. The directors of the
Company consider, having consulted with the Company's nominated
adviser, Strand Hanson Limited, that the terms of the Settlement
are fair and reasonable insofar as the Company's shareholders are
concerned.
Admission
The Settlement Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the Settlement
Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective and dealings in the
Settlement Shares will commence at 8.00 a.m. on 18 January
2019.
Following Admission of the Settlement Shares, the Company's
issued share capital will consist of 95,794,270 Ordinary Shares
with voting rights. There are no Ordinary Shares held in treasury.
The figure of 95,794,270 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.
Andrew Jones, TomCo's Chairman commented: "I would like to thank
Mr Chris Brown for his continuing support to the Company and our
strategy, as we seek to continue to progress our oil shale
interests during 2019. We look forward to updating the market
shortly on our work currently underway in Utah."
Enquiries:
TomCo Energy plc
Andrew Jones (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Richard Tulloch / James Dance +44 (0)20 7409 3494
Turner Pope (Broker)
Andy Thacker +44 (0)20 3621 4120
For further information, please visit www.tomcoenergy.com.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
This information is provided by RNS, the news service of the
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END
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