TomCo Energy PLC Board Changes and Loan (6359A)
January 02 2018 - 2:00AM
UK Regulatory
TIDMTOM
RNS Number : 6359A
TomCo Energy PLC
02 January 2018
2 January 2018
TomCo Energy plc (AIM: TOM)
("TomCo" or the "Company")
Board Changes and Loan
The Company announces that Christopher Brown, Chief Executive,
has advised that he wishes to step down from the Board of the
Company and its subsidiaries due to the time taken up with his
other business interests. The Company is in discussions regarding
the appointment of a new Chief Executive, and Mr Brown has agreed
to continue in his current role in the short term to allow
sufficient time to finalise the appointment of his replacement,
assuming the Board determines to appoint such a replacement.
Mr Brown, who is directly and indirectly beneficially interested
in, in aggregate, 19.57% of the issued share capital of the
Company, remains supportive of the Company and its prospects and
has agreed to provide an unsecured loan of GBP100,000 (the "Loan")
which will be applied to general working capital purposes. The Loan
will incur interest of 8% per annum, payable monthly in arrears,
and is repayable in full on 31 March 2019, or earlier at the
Company's election.
As Mr Brown is both a Director and substantial shareholder in
the Company, the Loan is deemed to be a related party transaction
under the AIM Rules for Companies. The Directors of the Company,
other than Mr Brown, having consulted with Strand Hanson Limited,
the Company's Nominated Adviser, consider that the terms of the
Loan are fair and reasonable insofar as the Company's shareholders
are concerned.
The Board would like to thank Chris for his efforts and
continued support.
Enquiries:
For further information, please visit www.tomcoenergy.uk.com or
contact:
TomCo Energy plc
Contact:
Telephone: +44 (0) 20 3823 3635
Andrew Jones (Chairman) andrew@tomcoenergy.uk.com
Strand Hanson (Nominated Adviser)
Contact:
James Harris / Richard Tulloch +44 (0) 20 7409 3494
SVS Securities plc (Broker)
Contact:
Tom Curran / Ben Tadd +44 (0) 20 3700 0093
Tavistock Communications (Financial PR)
Contact:
Jos Simson +44 (0) 20 7920 3150
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
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