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TXO PLC (TXO)

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Thursday 29 January, 2015

TXO PLC

Board Comment re Share Price Movement

RNS Number : 4920D
TXO PLC
29 January 2015
 

 

 

TXO PLC
("TXO" or the "Company")

 

Board Comment re Share Price Movement

 

The Board is aware of an erroneous corporate action letter sent to clients of TD Direct Investing (Europe) Limited ("TDI") stating that the Company would be cancelled from trading on AIM with effect from 23 February 2015.  TDI have been made aware of this error and are in the process of advising their clients.

TXO has not announced plans to delist. The Company is looking to appoint a new Nomad and broker and expects to be in a position to make an announcement shortly.

The Company is also well underway with the production of its annual accounts which are expected to be published at the end of March.  The recently announced corporate actions, including the £100,000 of cash received from related parties, is sufficient to meet the Company's working capital needs.

The Company is aware of the source of the incorrect information disseminated by TDI and is taking advice on the legal and regulatory steps it should take in regards to this individual.

As per TXO's announcement of 22 January 2015 it will be suspended from trading on 23 February 2015 if it has not appointed a replacement nominated adviser by that point.  If a replacement nominated adviser has not been appointed within one month of that suspension, the admission of the Company's securities to AIM will be cancelled.

 

29th January 2015

For further information, please contact:

 

TXO PLC
Tim Baldwin, Chairman                                                     +44 (0) 207 518 4300

 

Northland Capital Partners Limited                                +44 (0) 207 382 1100
John Howes / Alice Lane

Sales and Broking

 

Edward Hutton / William Vandyk

Nominated Adviser

 

Lothbury Financial Services Limited
Michael Padley / Chris Roberts                                       +44 (0) 203 440 7620

 

 

Editors' Note

TXO PLC, the AIM quoted oil and gas investment company, has four main investments namely: The Grand Bahama Group Limited ("GBG") which is establishing a waste oil collection facility and Hydrocarbon Recovery Plant in the Bahamas at Freeport and also produces oil from its leases in Western Kentucky, USA; Oil Recovery Services Limited ("ORS"), which has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water; Oil Tech Royalties Inc ("OTR"), a joint venture company with a licence to commercialise a proprietary acoustic flow reactor valve; Athabasca Resources Limited ("Athabasca Resources") which has signed an agreement to acquire a 50 per cent. farm-in interest in certain Alberta Crown Leases covering 7,936 hectares in the Athabasca oil sands in Alberta, Canada.  TXO also has an interest in Tasmania Oil and Gas Limited ("TOG") a joint venture company set-up to exploit a gas and oil opportunity in Tasmania, Australia, which is non-core.

TXO currently holds a 35.67 per cent. interest in GBG, a 25.1 per cent. interest in ORS, a 30 per cent. interest in OTR  and an 18.8 per cent. interest in Athabasca Resources. It retains a 25 per cent. interest in TOG.

Ends

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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