Business
Placing and Acquisition
Placing and Acquisition.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n Netcentric Systems PLC\n22 December 2006\n\n\nNot for release, publication or distribution in whole or in part in or into the\n United States, Canada, Australia, Republic of South Africa or Japan\n\n\n22 December 2006\n\n\n Netcentric Systems Plc\n\n\n Proposed acquisition of The Oil Mining Company Inc.\n\n Proposed placing of 51,238,000 new Ordinary Shares of 0.5p each at a price of\n 2.5p per share\n Proposed waiver of Rule 9 of the City Code on Takeovers and Mergers\n Proposed change of name to 'TomCo Energy Plc'\n\n Proposed changes to Memorandum and Articles of Association\n\n Application for admission to trading on AIM\n\n Notice of Extraordinary General Meeting\n\n\nCertain definitions and terms apply throughout this announcement and your\nattention is drawn to the table at the end of this announcement where these\ndefinitions and terms are set out in full.\n\nNetcentric Systems PLC ('Netcentric' or 'the Company') has today conditionally\nagreed to acquire the entire issued share capital of The Oil Mining Company Inc\n('TomCo') through the issue of 200,000,000 new Ordinary Shares, valuing TomCo at\n£5 million at the Placing price of 2.5p and approximately £2.05 million based on\nthe closing mid-market price of 1.025 pence per Ordinary Share on 29 June 2006,\nbeing the day immediately prior to the suspension of the Company's shares from\ntrading on AIM under Rule 15 of the AIM Rules. With today's announcement that\nsuspension has been lifted.\n\nThe Company is also raising up to £1,280,950 million before expenses through the\nPlacing of 51,238,000 new Ordinary Shares in the Company. The net proceeds of\nthe Placing will be used to fund the acquisition of producing oil wells and\nproven shallow drilling prospects in the USA with the balance used to meet the\nworking capital requirements of the enlarged Company.\n\nTomCo is a company incorporated in Utah, USA, which holds two State of Utah oil\nshale leases comprising approximately 2,918 acres in the Green River oil shale\nformation and which are estimated to contain some 230 million barrels of oil.\nShell has announced that its in situ extraction technology could be economic at\noil prices of US$30 per barrel.\n\nThe Company's strategy following completion will be twofold. Firstly, to hold\nthe TomCo leases as a long-term asset to be exploited when the commercial\ncon...