TomCo Energy PLC
31 July 2007
TOMCO ENERGY PLC
('TomCo' or 'the Company')
Commencement of ADR Programme
TomCo (Symbol: TOM) has received approval under the exemption granted by Rule
12g3-2(b) of the Securities Exchange Act of 1934, from the USA-based Securities
and Exchange Commission to implement an American Depository Receipt ('ADR')
programme for investors based in the United States. The Company has appointed
The Bank of New York as the depository bank for the ADRs which will trade on the
Pink Sheets of the US over-the-counter ('OTC') market. Each TomCo ADR will
represent 200 ordinary shares of the Company up to a ceiling of 25 per cent. of
TomCo's issued ordinary share capital.
The ADRs are expected to be made available on 10 August 2007 whereupon a Trading
Symbol will be assigned and an announcement will be made to that effect.
Howard Crosby, Chief Executive Officer, said:
'The introduction of TomCo ADRs will enable potential North American investors
easier access to the Company's shares in their own time zone and currency. The
ADR programme will also allow previous investors in Cadence Resources, with
which John Ryan and I were involved, to more easily follow the developments with
TomCo Energy going forward.
Additionally the wider US awareness of TomCo afforded by the introduction of the
US dollar denominated ADRs should greatly assist the Company with its ongoing
acquisition strategy, with the US presence facilitating the conversion of some
of the many oil & gas opportunities that we are currently evaluating in North
America.'
For further information, contact:
TomCo Energy Plc + 1 509 301 6322
Howard M. Crosby
Strand Partners Ltd. +44 (0)20 7409 3494
Simon Raggett
Warren Pearce
Thomas Lockyer
Bankside Consultants Ltd. +44 (0)20 7367 8888
Simon Rothschild
Louise Mason
Notes:
TomCo is an AIM listed company which continues to actively develop a
conventional oil production profile in the South-Western United States. The
Company also owns leases on approximately 3000 acres of shale oil holdings in
Utah, estimated by SRK (an independent firm of mining consultants) to contain
some 230 million barrels of oil. For further information on the Company visit:
www.tomcoenergy.com
About ADRs:
An ADR is a negotiable US security which is issued by a US based depositary bank
and represents underlying shares of a non-US company. ADRs are priced in US
dollars, and allow US investors to buy and sell ADRs of non-US companies in a
similar way to buying or selling shares of US domestic companies, reducing or
eliminating settlement delays, high transaction costs, and other potential
inconveniences associated with international securities trading.
An ADR is created when a broker purchases a company's shares on the home stock
market and delivers those shares to the depositary's local custodian bank, which
then instructs the depositary bank to issue ADRs. ADRs are treated in the same
manner as other US securities for clearance, settlement, transfer and ownership
purposes. For further information on ADRs visit the Bank of New York's website:
www.adrbny.com
This information is provided by RNS
The company news service from the London Stock Exchange
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