Tomco Energy Regulatory News (TOM)

31 Jul 2007 17:56

TomCo Energy PLC31 July 2007 TOMCO ENERGY PLC ("TomCo" or "the Company") Commencement of ADR Programme TomCo (Symbol: TOM) has received approval under the exemption granted by Rule12g3-2(b) of the Securities Exchange Act of 1934, from the USA-based Securitiesand Exchange Commission to implement an American Depository Receipt ("ADR")programme for investors based in the United States. The Company has appointedThe Bank of New York as the depository bank for the ADRs which will trade on thePink Sheets of the US over-the-counter ("OTC") market. Each TomCo ADR willrepresent 200 ordinary shares of the Company up to a ceiling of 25 per cent. ofTomCo's issued ordinary share capital. The ADRs are expected to be made available on 10 August 2007 whereupon a TradingSymbol 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 investorseasier access to the Company's shares in their own time zone and currency. TheADR programme will also allow previous investors in Cadence Resources, withwhich John Ryan and I were involved, to more easily follow the developments withTomCo Energy going forward. Additionally the wider US awareness of TomCo afforded by the introduction of theUS dollar denominated ADRs should greatly assist the Company with its ongoingacquisition strategy, with the US presence facilitating the conversion of someof the many oil & gas opportunities that we are currently evaluating in NorthAmerica." For further information, contact: TomCo Energy Plc + 1 509 301 6322Howard M. Crosby Strand Partners Ltd. +44 (0)20 7409 3494Simon RaggettWarren PearceThomas Lockyer Bankside Consultants Ltd. +44 (0)20 7367 8888Simon RothschildLouise Mason Notes: TomCo is an AIM listed company which continues to actively develop aconventional oil production profile in the South-Western United States. TheCompany also owns leases on approximately 3000 acres of shale oil holdings inUtah, estimated by SRK (an independent firm of mining consultants) to containsome 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 bankand represents underlying shares of a non-US company. ADRs are priced in USdollars, and allow US investors to buy and sell ADRs of non-US companies in asimilar way to buying or selling shares of US domestic companies, reducing oreliminating settlement delays, high transaction costs, and other potentialinconveniences associated with international securities trading. An ADR is created when a broker purchases a company's shares on the home stockmarket and delivers those shares to the depositary's local custodian bank, whichthen instructs the depositary bank to issue ADRs. ADRs are treated in the samemanner as other US securities for clearance, settlement, transfer and ownershippurposes. 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