Mercom Capital PLC (formerly Mercom Oil Sands PLC) was admitted to AIM on 29 May 2012, having previously entered into a farm-in agreement to acquire a 50% ownership and working interest in four oil sand leases over the Chard field in Alberta, Canada. At that time, other than cash, this contract represented the principal asset of the Company. Subsequent to the AIM admission, in light of changes in market conditions and other factors, the Board took the decision not to implement the agreement and reached an out of court settlement with regard to its withdrawal from the agreement.
As a result of its withdrawal from the farm-in agreement, the Company was deemed to have become an investing company under the AIM Rules. The Company has adopted an investing policy to acquire a diverse portfolio of direct and indirect interests in the financial services and financial services technology and in the natural resources and energy sectors (with a focus on oil and gas). Investments in the latter sector may include investments in businesses or companies engaged in the refining and supply of oil and gas products.