Business
GBP1.35m Investment by Kenglo One Ltd and Board...
GBP1.35m Investment by Kenglo One Ltd and Board....
About this update from Tomco Energy Plc
[{"type":"text","content":"\n \nTOMCO ENERGY PLC\n\n\nTomCo Energy PLC - £1.35m Investment by Kenglo One Ltd and Board Changes\n\nFOR IMMEDIATE RELEASE\n\n14th December 2009\n\n TomCo Energy plc \n\n (\"TomCo\" or the \"Company\") \n\n £1.35m Investment by Kenglo One Ltd and Board Changes \n\nTomCo is pleased to announce the subscription by Kenglo One Ltd of 200,000,000\nordinary shares in the Company at an average of 0.676p per share to net £1,352,500\nfor the Company before expenses. Kenglo One Ltd has also agreed,\nsubject to certain conditions, to subscribe for £2,000,000 of additional shares\nin the Company at an early date at 1.5p per share and, on terms to be agreed,\nto underwrite at 3p per share a further placing of ordinary shares to raise £2,000,000 \nwhen TomCo returns to AIM.\n\nJohn Ryan, Howard Crosby and Gerard Thompson have resigned from the Board and\nStephen Komlosy has stepped down from the post of chairman and has been\nappointed CEO; Kenglo One Ltd has the right to appoint a new non-executive\nchairman.\n\nStephen Komlosy CEO commented;\n\n\"We are extremely pleased with this arrangement with Kenglo One Ltd which will\nform the basis of our overall financing strategy and offers TomCo the\nopportunity to return to AIM and to focus on the early development of its\nextensive oil interests.\"\n\nEnquiries:\n\nTomCo Energy plc \n \nStephen Komlosy +44 (0)20 7766 0078 \n \nKenglo One Ltd \n \nAnn Williams 01534 870 670 \n \n\nNotes:\n\nTomCo has investments in conventional oil production in the United States and\nIsrael. The Company also owns leases on approximately 3000 acres of shale oil\nholdings in Utah, estimated by SRK (an independent firm of mining consultants)\nto contain some 230 million barrels of oil.\n\n\n \n ","length":2538,"tagName":"div"}]