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gents, i think it's time we come together as shareholders and put some pressure on tomco management for action. if the current solution is to look for 'unobtanium' or large scale funding, 2 big plants, the whole tsii lease - this option has been explored for over 24 months. this has been explored by management at the expense of costly share dilution that is not sustainable. it's apparently difficult to get this loan in today's world. there is not more global market stability on the horizon, but less.
-->one alternative would be a scalable approach. we've heard the old petroteq plant couldn't operate at 500 bpd with a profit. this plant was old and small. instead of 2x 10k bpd plants and all of tsii, why not seek funding for 1x 5k bpd plant, and continue leasing tsii with extended option to purchase.
-->another alternative would be to take the deal on the table. sell majority stake in greenfield in exchange for large capital injection.
the definition of insanity is doing the same thing over and over again while expecting different results. the board should avoid this behavior pattern, but so should we as shareholders. we can maintain the thought that 'rising tide floats all boats,' and while it's exciting to see hso get funding, and trio's interest in the area - hso's funding is for a relatively untested drilling procedure, not mining. if hso is successful, it won't suddenly become easier/cheaper to buy land in the area. if they're unsuccessful or delayed, there's no rising tide for uintah.
i understand there could be something great on the horizon. but it is far past time to deliver. in the states, we crudely say "time to ****, or get off the pot."
please join me in pushing for an achievable outcome which doesn't involve inaccessible means of funding, and delays that cost shareholders diluted holdings year over year.
I'll have the world know that my post was published with proper capitalization, which all turned to lower case when posted. Perhaps because my expletive was removed. Cheers, and discussion welcome.
All very good in practice O&Geo but how do you suggest that action is taken? Lack of company communication is something that TOM prides itself on
Writing to john@tomcoenergy.com would be a start, and voting as a shareholder, and using rational discourse to draw other shareholders to this opinion so they will vote as well.
I don't see any cohesive opinion amongst shareholders other than 'we are doomed, and they are making too much money.' I don't think either are necessarily true or useful, but shareholders should push Tomco to 'move forward' with means available in 2024, immediately. I think this is a more useful online perspective than complaining, and it might gain a bit more traction than you think.
I can assure you that John will not reply.
At the last tow AGM meeting we have complained that shareholders are ignored
and treated with contempt.
At both meeting we where told this will change, but hear we are.
If you want answers you will need to attend the AGM, that way you can the same bull we get.
It would need a majority of shareholders to make a difference Vauch. Tomco has a cosmically small count of holders and many have been here for enough time to raise children. They're unengaged, and at any AGM in the past have been unorganized in any effort to take action.
Many shares are held by a few individuals. You'll kindly remember that as time has gone by, these large stakeholders have seen 50, 80, 90% decreases in the value of their holdings.
It should be made clear that there avenues on the table which the board is passing by.
-->Scalable approach. Instead of 2x 10k bpd plants and all of TSII, why not seek funding for 1x 5k bpd plant, and continue leasing TSII with extended option to purchase.
-->Take the deal on the table. Sell majority stake in Greenfield in exchange for large capital injection.
It needs to be made clear to shareholders why these viable options are not being pursued, in favor of a questionable funding package that may not be obtainable, while diluting shares.
I suggest talking more about these other options, specifically.
A group of us talked to John after the meeting and it was asked why had they not taken the plant that had been modified to run 500 a day and use it to get funds flowing. but it looks like they cant see below 5k a day.
I also chat to Steve and he is not happy at Tomco not paying the 1 mill they owe.
I had asked if Tomco are playing for time so the deal of 29% Tomco would expire before the finance is completed.
Well it is due to expire this year.
Vauch, they don't owe £1m and the agreed deal is that Tomco repay the balance left when they achieve their major funding. There is nothing more to it then that
They've said 500 wouldn't be economic, but 5000 as you say would be. They're going for 2x 10k plants...why not go for 1x 5k plant and lease the land until they can buy it?
Solid day of trading. Even the people buying/selling £11 worth have given up.
Someone switch the light off on the way out