– UK, London – TomCo Energy plc (AIM: TOM), the oil mining company is pleased to announce that Christopher Brown has been appointed to the Board and shall assume the role of Chief Executive Officer.
Amongst Chris’ many achievements, he was, most notably, the founder and Managing Director of London Mining PLC, which under his direction between April 2005 and February 2009, acquired an iron ore mine in Brazil in 2007 for circa $65million, which was subsequently sold a year later for circa $810 million; and which led to the company making a capital return of circa $427million to its shareholders in 2008. Furthermore, Chris was instrumental in acquiring iron ore projects in Greenland, Sierra Leone, Saudi Arabia and Mexico, as well as coal assets in South Africa for London Mining PLC.
Chris is the life tenant and settlor of the BBCK Family Trust in Jersey, and therefore an indirect beneficiary of Kenglo One Ltd, a Jersey-based company that is the largest shareholder of TomCo with a 23.8% interest. Chris’ continuing support in the Company is further recognised by choosing to receive a modest salary and no bonuses.
The Company also advises that Miikka Haromo has stepped down from the board and has given the Company three months’ notice of his intention to terminate his consultancy agreement with the Company. The Board would like to thank Miikka for his contribution over the last six years.
Andrew Jones, Chairman of TomCo, said “The results of this announcement, combined with the other changes to the Board made within this past year create a significant reduction in the Company’s overheads. In relation to Salaries and Emoluments, the Board predicts that these savings will be in the order of 65% on an annualised basis”.
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