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TomCo Energy PLC - Board Reorganisation

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 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 [email protected] or visit www.rns.com.
 
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Quick facts: TomCo Energy plc

Price: 0.7775

Market: AIM
Market Cap: £5.06 m
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