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  • BY: Andrew Hore |
  • POSTED: 19/04/2011 |

TXO is selling its oil and gas subsidiary and becoming an oil and gas shell.

The value of the assets of TOGS Energy Inc were written down in TXOs September 2010 accounts. TXO could not raise additional cash until it had agreed to sell TOGS. TXO has raised 1.08m at 0.5p a share. Each share comes with a warrant to subscribe for a share at 0.5p each for up to 12 months.

TOGS is being sold to non-executive director Michael Chandler for $1,000 and the release of TXO from a $2.9m loan guarantee. TOGS owes $5.7m in total. TXO will retain a 25% carried interest in aggregate after tax net sales proceeds exceeding $5.7m from the sale of assets in the next two years.

Chandler and Andrew Glendinning are stepping down from the board.

TXO is issuing shares and warrants in payment of some of its creditors.

Former analyst Tim Baldwin, who is also executive chairman of RAM Investment Group and a director of other Aim companies, is becoming chairman of TXO. Baldwin is also executive chairman of Hill Street Investments which is converting a 50,000 loan into 10m shares.

Iain May is joining the board as finance director.

The new strategy is to invest in oil and gas companies and assets in North and South America. TXO is interested in resources that can be increased through further exploration or brought into production.

TXO has already made a 200,000 convertible loan to Morgan Oil and is considering an investment in Morgans parent company Grand Bahama Group.

TXO will have net assets of 865,000 after the disposal.

At 0.7p a share, TXOs current share capital is valued at 671,000.

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