THAL Thalassa Holdings Limited

 

TIDMTHAL 
 
RNS Number : 9935B 
Thalassa Holdings Limited 
05 November 2009 
 

Thalassa Holdings Ltd 
 
 
("Thalassa " or "the Company ") 
 
 
Trading Update 
 
 
 
 
Realised gains from investing activities in Thalassa Public Investments Ltd are 
in excess of $0.5 million (ROI of 55.4%) year to date and there are 
currently substantial further unrealised gains. 
 
 
I am happy to report that results from initiatives undertaken by the Board to 
mitigate the delayed deployment of the Company's seismic equipment, due to the 
collapse in oil prices, have exceeded the Board's expectations. 
 
 
Corporate overhead remains low and the Board anticipates that the Company will 
be in a position to report a profit for 2009 versus a small loss for 2008. The 
Company has three operating subsidiaries as follows:- 
 
 
 
 
       1.  Thalassa Public Investments Ltd ("TPuIL") 
Since TPuIL began trading and investing in quoted and unquoted equities in the 
first quarter, performance has surpassed the Board's expectations by a 
substantial margin. 
 
 
As at 31 October 2009, realised gains amount to in excess of $500,000; 
unrealised gains as at 31 October are of the same magnitude. TPuIL has also 
received dividend income, net of withholding tax, of in excess of $87,000. 
 
 
Duncan Soukup, Chairman, said: 
 
 
"I believe that the 'easy' money phase of the recovery is behind us and that the 
old adage that past performance is not an indicator of future performance could 
not be truer for the remainder of this year and into 2010. To this end we have 
begun hedging our positions (buying insurance) to protect against any sudden 
market sell off such as the 2.5% decline that we experienced on 31 October 
2009." 
 
 
 
 
 
 
       2.  Thalassa Private Investments Ltd ("TPrIL") 
As announced on 26 October 2009, TPrIL has taken a 27% stake in Bella Media plc 
("Bella Media") a cash shell which recently delisted from AIM. In connection 
with this investment, Julian Henley-Price and Duncan Soukup have joined the 
Board of Directors. 
 
 
The objectives of Bella Media are to seek re-admission to trading on AIM and/or 
PLUS Markets and to acquire a growth business. Whilst seeking a qualifying 
acquisition, Bella Media will endeavour to build value by acquiring positions in 
quoted companies that appear undervalued to the Board of Bella Media. 
 
 
TPrIL is currently reviewing a number of other opportunities which may or may 
not lead to transactions. 
 
 
      3.   Thalassa Energy Services Ltd 
Since peaking at $140 in 2008 oil prices fell 75% to $34 and have since 
doubled to current levels of $70 per barrel. 
 
 
Unfortunately, volatility such as the oil industry has experienced over the past 
year is not conducive to long term budgeting on the scale that the oil industry 
operates. The impact on exploration and production companies was immediate and 
severe and resulted in spending freezes, budget reviews, budget cuts and delays 
of up to 18 months on major capital expansion programmes that were due to have 
come on line in 2008/2009 but which have been delayed until 2010/2011. 
 
 
Duncan Soukup, Chairman, said: 
 
 
"Fortunately I now believe that delayed projects are back on track as enquiries 
for our Portable Modular Source System (PMSSTM) for use in Life of Field Seismic 
(LoFS) projects are increasing and we have recently submitted bids on a number 
of substantial potential contracts." 
 
 
Contact: 
 
 
Duncan Soukup, Executive Chairman    Tel: + 44 (0) 7703 566 937 
Thalassa Holdings Ltd 
 
 
Simon Leathers/Tessa Smith Tel: + 44 (0) 20 7776 6550 
Daniel Stewart & Company plc 
 
 
Notes to Editor: 
 
 
Thalassa Holdings Ltd, incorporated and registered in the BVI in 2007 and listed 
on AIM in July 2008, is a holding company with diversified interests in quoted 
and unquoted companies, including Marine Seismic. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTUSSKRKORARAA 
 

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