TomCo Energy PLC Update re TSHII (7221B)
06 Juin 2023 - 8:00AM
UK Regulatory
TIDMTOM
RNS Number : 7221B
TomCo Energy PLC
06 June 2023
6 June 2023
TOMCO ENERGY PLC
("TomCo" or the "Company")
Update re TSHII
TomCo Energy plc (AIM: TOM), the US operating oil development
group focused on using innovative technology to unlock
unconventional hydrocarbon resources, provides an update with
respect to the Company's 100% owned subsidiary, Greenfield Energy
LLC's ("Greenfield"), potential acquisition of the remaining
ownership and membership rights and interests in Tar Sands Holdings
II LLC ("TSHII") (the "Membership Interests"). As previously
announced, Greenfield owns a 10% Membership Interest in TSHII and
holds an exclusive option (the "Option"), exercisable at its sole
discretion, to acquire the remaining 90% of the Membership
Interests for additional cash consideration which was scheduled to
expire on 30 April 2023 (the "Agreement").
Further to the Company's announcement of 2 May 2023, it has
agreed with the counterparty certain amendments to the Agreement
such that Greenfield now has an option, at its sole discretion, to
acquire the remaining 90% of the Membership Interests for
additional cash consideration of US$17.25 million (formerly
US$16.25 million) prior to 6.00 p.m. Salt Lake City Time on 31
December 2023 together with a matching right as described further
below.
It has been agreed that the counterparty may, from 1 July 2023,
market its remaining 90% of the Membership Interests or TSHII's
assets to third parties on at least as favourable terms as set out
in the abovementioned amended Agreement. In the event that the
counterparty receives a bona fide offer to purchase the remaining
90% of the Membership Interests or TSHII's assets from a third
party, Greenfield shall have 30 days from the date of notice of
such offer to match or exceed such offer and to provide payment of
US$100,000 towards the purchase price, providing closing of such
transaction occurs prior to 31 December 2023.
The Company remains in discussions to secure a potential funding
package for Greenfield, that would, inter alia, enable Greenfield
to ultimately exercise the amended Option and pursue its previously
announced wider development plans. In this regard, the principal
route under active consideration would involve TomCo disposing of a
majority stake in Greenfield to a partner(s) in return for, inter
alia, certain upfront cash consideration, a continuing minority
equity participation for TomCo in Greenfield (without the
requirement for further capital contributions from TomCo) and the
provision of a sizeable funding package to Greenfield. Any such
proposed disposal would likely constitute a fundamental disposal
for TomCo pursuant to the provisions of Rule 15 of the AIM Rules
for Companies and therefore be subject, inter alia, to the approval
of TomCo's shareholders at a duly convened general meeting. In such
eventuality, it would fall to the new majority owner(s) of
Greenfield to decide whether or not to exercise the amended Option
post completion of such proposed disposal. There can be no
certainty that such funding proposal will ultimately be
successfully concluded or as to the precise terms or structure of
any such funding package or alternative financing arrangements for
Greenfield. Further announcements will be made in due course as
appropriate.
Enquiries :
TomCo Energy plc
Malcolm Groat (Chairman) / John Potter (CEO) +44 (0)20 3823 3635
Strand Hanson Limited (Nominated Adviser)
James Harris / Matthew Chandler +44 (0)20 7409 3494
Novum Securities Limited (Broker)
Jon Belliss / Colin Rowbury +44 (0)20 7399 9402
IFC Advisory Limited (Financial PR)
Tim Metcalfe / Florence Chandler +44 (0)20 3934 6630
For further information, please visit www.tomcoenergy.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUVVKROAUNRAR
(END) Dow Jones Newswires
June 06, 2023 02:00 ET (06:00 GMT)
Tomco Energy (LSE:TOM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Tomco Energy (LSE:TOM)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024