TomCo Energy PLC Board Reorganisation (3332G)
March 16 2020 - 11:59AM
UK Regulatory
TIDMTOM
RNS Number : 3332G
TomCo Energy PLC
16 March 2020
16 March 2020
TomCo Energy plc
("TomCo", the "Company" or the "Group")
Board Reorganisation
TomCo Energy plc (AIM: TOM), the oil exploration, development
and technology group focused on using innovative technology to
unlock unconventional hydrocarbon resources, announces the
following changes to the Board of Directors, with immediate
effect:
-- Mr Andrew Jones has resigned from the position of Executive Chairman in order to pursue other opportunities; and
-- Mr Stephen West has been appointed Non-Executive Chairman.
Mr Jones has agreed to continue to provide services to the
Company in order to ensure an efficient and effective hand-over of
responsibilities.
It is the intention that the 1,777,778 options held by Mr Jones
will be replaced with a warrant to subscribe for the same number of
ordinary shares, exercisable at the same price, being 5.25p per
ordinary share. This will be affected once the Company is next in
an open period following publication of the accounts for the year
ended 30 September 2019.
Stephen West, TomCo's incoming Non-Executive Chairman,
commented:
" The TomCo Board thanks Andrew for all his efforts in leading
the Company as Chairman since 2015 and we wish Andrew all the best
for his future endeavors. I am grateful to Andrew that he has
agreed to continue to provide his services so we can continue to
benefit from his deep knowledge and experience."
Andrew Jones, TomCo's outgoing Executive Chairman, said:
"As the new Chairman has now become familiar with the business,
this is the right time for me to leave the board and take on other
responsibilities. I shall of course be available to assist whenever
this may be required, but under the leadership of John Potter and
the new Chairman, the Company is in good hands and is able to
continue with the excellent progress made over the last five
years."
Enquiries:
TomCo Energy plc
Stephen West (Non-Executive Chairman) +44(0)20 3 823 3635
John Potter (CEO)
Strand Hanson Limited (Nominated Adviser)
James Harris +44 (0) 20 7409 3494
Richard Tulloch
James Dance
Turner Pope (Broker)
Andy Thacker/ Zoe Alexander +44 (0)20 3657 0050
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
("MAR").
This information is provided by RNS, the news service of the
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END
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