OPEN EMAIL TO BOD.25 Feb 2020 10:35
I have sent this in as getting a little fed up of the silence.
Dear Sirs (Andrew Jones, John Potter, Alexander Benger, Malcolm Groat, Stephen West),
This is an open email to all of you. I would like it to be seen by all and I would appreciate appreciate your comments.
On the 4th December 2019 the company raised funds at a highly discounted price in order to do the following.
1. A Resources Report on oil/tar sands
2. An Engineering Study.
3. Design Revisions for the Turboshale system.
4. Agree the scope of a study to determine the location of oil/tar sands.
It is now almost 3 months since this announcement was made and shareholders have not had a single update on ANY of the 4 items mentioned.
That is 3 months of cash burn from the raised funds, 3 months of salaries for the directors and NED's without a single word to shareholders (aside from yet another salary to be paid to an additional NED).
Is it the case that the BOD are more interested in boardroom issues and personal salaries whilst the company cash drains away rather than getting on with progress in the actual business?
As for the new large shareholders. What was the purpose of them buying in? Was it to try and aquire the company on the cheap with little if anything for the current holders?
After over 10 years of being a tomco shareholder I really thought that under Andrew Jones and with John Potter on board that we were finally going to see some solid progress for long term shareholders but sadly once again seems like just another opportunity scuppered with substantial cash burn along the way.
It really is about time shareholders were given a full update.
I own 1% of the company shares in issue and am in constant contact with a number of other large shareholders who really want to be positive but you make it really difficult to be so.
I look forward to your comments and reasons why you feel shareholders should remain supportive of the company.
Kind Regards
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